For Immediate Release
Office of the Press Secretary
April 20, 2005

Statement on S. 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

On Wednesday, April 20 2005, the President signed into law:

S. 256, the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005," which makes several changes to the Bankruptcy Code, including establishing a means test for chapter 7 bankruptcy, raising the priority for payments of domestic support obligations, placing limits on the homestead exemption, and requiring credit counseling prior to filing for bankruptcy; and enhances credit card company disclosure requirements.

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