How have the U.S. bankruptcy laws changed since 2004? How do the changes help creditors? How is the person filing bankruptcy helped in the changes?
Yes, bankruptcy laws have changed since 2004.
The changes were pushed hard by credit card issuers. The changes help them immensely. There is now something called a means test. This means test pushes more people into re-payment plans and allows many fewer people to do a total liquidation. It helps creditors because many people now go onto payment plans and they actually get some money from those people.
The person filing does not get help from these changes. If you are truly in trouble and fail the means test, you can still do a full liquidation, but if you can repay something, you are going to be put in a repayment plan.
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