As of this writing, bankruptcy reform legislation had passed the Senate and was expected to move quickly through the House and be signed by President Bush. The Bankruptcy Abuse and Prevention and Consumer Protection Act of 2005 may already be law as you read this column.

Most of the popular press coverage of the legislation has focused on provisions that would make it more difficult to do a Chapter 7 bankruptcy and walk away from debts, pushing more people into Chapter 13 debt repayment arrangements.

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