Shorter Bankruptcy Post
Here in a nutshell is why the new bill is bad on a whole.
1. It holds attorneys liable if their clients lie. No other attorneys have this provision.
2. It imposes a false income and false expenses based on both the lst 6 months income of the debtor and the IRS living guidelines. If you have above the state median income and using the income vs. expenses you can afford to pay $6,000 over a 3-5 year period then you must file 13. Doesn’t matter if you just lost your job or your rent is higher then normal.
3. It does away with any incentive to file chapter 13 if your not required to, as they have done away with the benifits of chosing to do a 13. Mostly the cramdown and superdischarge (explained below).
That is the big things, there are numerous other provisions that are designed to either a. keep people from filing or b. keep attorneys from wanting to practice bankruptcy.