Tomorrow is the last business day to file for bankruptcy under the pre-Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 law. Most provisions of the new Act take effect Monday. The bankruptcy trustees have offered some administrative concessions to those devistated by the victims of Hurricanes Katrina and Rita, but most of the provisions will affect them with full force. There is a mad rush on to get petitions filed before the new law takes effect. The year 2005 will likely mark the peak year for bankruptcy filings for many years to come.
I have previously discussed the Act's most notable provision, the means test, here, and have discussed some of the Acts more progressive features here.