Haines & Krieger Attorneys at Law

When the BAPCPA, the 2005 bankruptcy law, was passed, there was surprisingly little resistance for what was generally considered poorly constructed and even mean-spirited law.  Heavy lobbying by a wealthy special interest group--the credit industry (i.e., credit card and mortgage companies)--clearly drove the process.

But a less noticed piece of the puzzle was perhaps the lack of a constituency to push back against the law, namely "future debtors."  Who really expected themselves to be in bankruptcy a few years down the road amidst a booming economy?  No one.  And how many Congress members were going to stick their neck out on behalf of "no one?"  Very few.

Now, of course, the situation is different.  Many Americans are in bankruptcy and many more face the prospect of it.  There is a very large constituency that has a significant interest in developing more fair and helpful bankruptcy laws that factor in the needs of our society as a whole.

Still, it would have been nice to see our legislators standing up for the underrepresented when they most needed it back in 2005.  You'd like to think that's one of the characteristics that still makes this country great.