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U.S. Bankruptcy law changed dramatically in 2005 with the passage of BAPCPA, which made it more difficult for consumer debtors to file bankruptcy in general and Chapter 7 in particular.
Advocates of BAPCPA claimed that its passage would reduce losses to creditors such as credit card companies, and that those creditors would then pass on the savings to other borrowers in the form of lower interest rates. Critic Michael Somkovic asserts that these claims turned out to be false. He charges that although credit card company losses decreased after passage of the Act, prices charged to customers increased, and credit card company profits soared.