In October 2005,the Bankruptcy Reform Act was signed into law. This law primarily

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The Bankruptcy Reform Act of 2005 made it more difficult for debtors to receive bankruptcy protection by imposing stricter eligibility requirements, such as mandatory credit counseling and means testing, and by limiting the types of debts that can be discharged. This law was intended to reduce bankruptcy abuse and encourage personal responsibility for debt repayment. It applies to individuals, not just corporations or financial institutions. Foreign debtors are not specifically addressed in this law.

In October 2005,the Bankruptcy Reform Act Was Signed into Law