April's landmark bankruptcy legislation helped change the world for spendthrift Americans.By virtue of the Bankruptcy Abuse Prevention and Consumer Protection Act, Congress reformed bankruptcy laws by taking away some privileges, and then the U.S. Supreme Court gave some of them back with a ruling that IRAs would be safe from creditors. Both actions have prompted CPA advisors to rethink the strategies available to clients whose finances get out of control.
For one thing, fewer clients may qualify for bankruptcy protection.
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