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Bankruptcy Code Overhaul Offers Families Rich Array of Debt Solutions

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The Pretend Solution: An Empirical Study of Bankruptcy Outcomes
Katherine M. Porter

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Bankruptcy laws were changed in 1978 to help people struggling with debt. The new system offered two options: Chapter 7 for liquidation and Chapter 13 for debt repayment over a few years. The goal was to give families more tools to deal with their debts effectively. The changes were made based on a study that found the old system didn't provide enough relief for individuals in financial trouble. The new system aimed to offer more support and options for people facing overwhelming debt.