In April, President Bush signed into legislation the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, also known as the Bankruptcy Reform Act.At least eight years in the making, the legislation marks the most significant bankruptcy legislation in decades, and will most likely wend its way to accounting firms.

Many accountants address bankruptcy issues from the commercial side, dealing with businesses that are filing for bankruptcy protection, and there are aspects of the new act that fall under this purview. The new legislation is geared more toward consumer bankruptcies, as the name of the act implies, and even in this arena there may be services accountants can offer.

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