Content area
Full Text
Oct. 14, 2005: The Busiest Day in Bankruptcy History
Editor's Note: This is a new series that will be featured in upcoming issues to reflect on the most significant events in bankruptcy history.
Oct. 17,2018, marks the 13th anniversary of the effective date of most of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), yet newer ABI members might not fully appreciate the disruptions caused by its implementation.
The year 2005 was fairly eventful. In America, President George W. Bush was in his second term, John Roberts was selected as Chief Justice of the Supreme Court, and Hurricane Katrina devastated the Gulf Coast. Worldwide, Benedict XVI was elected pope, North Korea agreed to stop building nuclear weapons and Prince Charles married Camilla Parker Bowles. It was also the year that the first YouTube video was posted, Carrie Underwood won "American Idol" and Tom Cruise jumped on Oprah's couch.
Bankruptcy reform was also in the news. It had been actively discussed every year since the formation of the National Bankruptcy Review Commission in 1994. Various legislative proposals had been considered from 1997 onwards until BAPCPA was enacted in April 2005. Most provisions took effect 180 days later, on Oct. 17,2005.
Bankruptcy filings had been increasing, and from 2001-04 averaged nearly 1.6 million cases per year - about...