Laws are usually created for the protection of people and their interest. Through laws and policies we are able to know our rights and privileges. We also achieve a feeling of security knowing that a government agency looks after us and regulates the activities of the systems that surround us.

An excellent example of a law that greatly affects us is the New Credit Card Act. What is this law all about? How does this affect your life? And how can you benefit from this new policy on credit cards? The answers to these questions and some other information will be tackled in the short article below.

What is the new Credit Card Act?

The new Credit Card Accountability, Responsibility, and Disclosure (CARD) Act was formally imposed on August 20, 2009. This law provides credit card holders the right to decline the changes that will be made on their credit card agreements.
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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, otherwise known as the New Bankruptcy Law took effect on October 17, 2005. It presented changes on the requirements and processes involved in filing for bankruptcy.

A lot of people perceive this new law as somewhat limiting. After all, the provisions of the bankruptcy law made it more difficult for some people to file bankruptcy. Is this contention true?

To better understand the new bankruptcy law, allow us to tackle the most significant changes included in the new law.

Provisions in the 2005 Bankruptcy Law

Let us enumerate the changes presented in the bankruptcy law.

1. Strict Requirements for Chapter 7 Bankruptcy. In the old law, people have more freedom to choose which type of bankruptcy to file. Most people chose Chapter 7 over Chapter 13 Bankruptcy. This is because this option allows them to liquidate their assets to retire their debts. But the new bankruptcy law is more prohibitive. It prevents people with higher incomes to file for Chapter 7 bankruptcy.
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