In 2005 the U.S. Congress enacted profound changes to the Bankruptcy Reform Act of 1978. Known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,

There are some new laws that deal with bankruptcy that were passed in 2005. The change the way that one has to go about declaring bankruptcy and how it should be solved.

Consumer protection is essential for a healthy economy. We need Consumer Protection Act for the following:-

Physical protection of the consumer.

Protection against deceptive and unfair trade practices.

Protection against all types of pollution.

Protection against the abuse of monopoly position and/or restrictive trade practices.

Protection of enjoying the rights.

On October 17, 2005, new bankruptcy laws went into effect as a result of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The old rules allowed most filers to choose between Chapter 7 or Chapter 13, and most chose Chapter 7 because it allowed for the complete elimination of debts without repayment . The new law prohibits filers with higher incomes from filing under Chapter 7.

questionnaire on consumer protection