BAPCPA Repeal Act

=AN ACT To repeal the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.=

October 28, 2019

Be it enacted by the Senate and the House of Representatives of WTP in Congress assembled,

SECTION 1. SHORT TITLE.

(a)This Act may be cited as the “The BAPCPA Repeal Act”.

SECTION 2. FINDINGS.

(a) Findings.—The Congress finds as follows:

(1) The original premise of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005: that bankruptcy was widespread, has been demonstrated to be false.

(2) The BAPCPA was passed due to the credit card industry spending over $100 million in lobbying efforts, and against the interests of ordinary American citizens.

(3) The BAPCPA's amendments to Chapter 11 business bankruptcies have been detrimental to the economic health of the nation.

(5) The provisions of the BAPCPA requiring strict means testing to determine whether a debtor's filing under Chapter 7 of the bankruptcy code would be considered as an "abuse" and therefore subject to dismissal ignored the many causes of individual bankruptcies and has forced debtors seeking to challenge the means test into costly litigation, driving them into further debt.

(6) The BAPCA has made it significantly more arduous and convoluted to seek bankruptcy protection, denying many Americans this financial right.

(7) The BAPCA made the discharge of liability for medical bills significantly more difficult.

(8) The BAPCA has contributed significantly to the student debt crisis.

(9) The BAPCA contributed significantly to the Great Recession, the single worst economic downturn in the history of the United States since the Great Depression.

SECTION 3. REPEAL (c) The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is repealed.