Are the U S Bankruptcy Laws as Dysfunctional as Described by Comedian John Oliver

Back in April of 2021, comedian John Oliver delivered a rant about the bankruptcy system in the United States. If you haven’t seen in you can watch it here: https://youtu.be/GzFG0Cdh8D8.

If you can spare 20 minutes, I highly recommend that you watch this clip - Mr. Oliver is very clever and incisive and mostly right about bankruptcy.

I began taking on personal bankruptcy work back in the early 1990's and in those days filing bankruptcy was relatively inexpensive and most of the time the cases worked.

But in 2005 that all changed. Congress passed a “bankruptcy reform” act called the Bankruptcy Abuse Prevention and Consumer Protection Act or “BAPCPA” that changed everything. This law was written in large part by lobbyists for money lenders and its passage was paid for by these same lobbyists so it is not surprising that it tips the balance solidly in favor of creditors.

Since that time, both the cost and complexity of bankruptcy has increased, but more importantly the likelihood of a successful outcome has gone way down. BAPCPA has been the law of the land for over 15 years and, as Mr. Oliver points out the bankruptcy process is overly complex, needlessly expensive, biased in favor of credit card companies and lenders, and downright insulting to honest, hardworking people who find themselves filing bankruptcy because of unexpected medical costs or other unexpected events not covered by insurance.

While I think that Mr. Oliver doesn’t fully understand the complexity of the United States’ bankruptcy laws, he is spot on in his analysis that there is a level of mean-spiritedness that permeates the bankruptcy laws. The people who wrote BAPCPA want you to suffer and the many obstacles you have to overcome make this very clear.

I recommend that anyone thinking about filing bankruptcy watch Mr. Oliver’s bankruptcy segment. You may still need to file but at least you will understand what you are up against when you do.

If you think that a bankruptcy might be in your future, I invite you to contact my office at 770-393-4985. I have served as a personal bankruptcy attorney for over 30 years and there are few scenarios that I have not seen. If we can help please do not hesitate to call on us.
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