Even if you’re not planning on filing for bankruptcy, you may be surprised at how the new law will affect you.
On April 20, 2005, President Bush signed The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Predictably, the media spin on the new law has been just in one direction: that BAPCPA will make it more difficult for consumers to shed their debts via a bankruptcy filing.
While the media spin is correct for the most part, BAPCPA’s impact on small-business owners has generally been underreported. This month’s article will paint the “big picture” on BAPCA for small businesses. Then next month we’ll review the important details of BAPCPA from the perspective of a small-business owner.
From How the New Bankruptcy Law Affects Small Business
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