South Florida Bankruptcy Lawyer

A bankruptcy judge has stated publicly that the bankruptcy reforms that were put in place in 2005 are not suited to handle the fallout from the subprime mortgage crisis. 

The amendments to the bankruptcy code were passed during an economic situation that is dramatically different from the current climate. The bankruptcy judge, who sits on a court in Manhattan as part of the Souther District of New York, feels that some of the assumptions of the code may be actually compounding the problems faced by many individuals who have been forced to cope with a mortgage crisis.

The judge feels that the rules are unfairly burdensome due to both forcing people to pay more of their credit card bills and to make more detailed reporting.

The changes to bankruptcy in 2005 were supported by credit card companies, auto lenders, and retailers who felt that consumers had abused the bankruptcy provision.

If you are faced with the decision of filing for bankruptcy or would like more information concerning the changes to the bankruptcy laws, please contact the Boca Raton bankruptcy lawyers of Klein Attorneys at 561-353-2500 to discuss your case and to determine your legal options.