Which federal banking act forces more individuals to repay at least part of what they owe and will push higher-income borrowers into more costly forms of bankruptcy?

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The Bankruptcy Abuse Prevention and Consumer Protection Act forces more individuals to repay at least part of what they owe and will push higher-income borrowers into more costly forms of bankruptcy. It was enacted in 2005 to make it harder for individuals to file for bankruptcy, particularly under Chapter 7, which allows for a complete discharge of debt. The act requires individuals to pass a means test, which compares their income to the median income in their state, and may force them into Chapter 13 bankruptcy, which requires repayment of at least a portion of their debt. This act was intended to reduce abuse of the bankruptcy system by high-income individuals, but critics argue that it disproportionately affects low-income individuals who have legitimate financial hardships.

Which Federal Banking Act Forces More Individuals to Repay at Least