President Bush Signs Bankruptcy Bill

April 21, 2005

President George W. Bush signed bankruptcy reform legislation into law on Wednesday. The president said the legislation would restore integrity to the bankruptcy process making the system fairer for creditors and debtors and helping to ensure that more Americans can get access to affordable credit. Under the new law, certain filers will be required to pay back at least a portion of their debts under a Chapter 13 debt repayment plan. The law will not affect those who make less than their state's median income. Another reform aimed at repeat filers requires an eight year waiting period before a person may file for bankruptcy again.

White House Press Release