Bankruptcy issues are prevalent today as the
number of bankruptcy filings continues to grow.' The last
real bankruptcy reform was the Bankruptcy Reform Act
of 1978.2 Since 1978, the number of bankruptcy filings has
increased. National bankruptcy filings rose more than 60
percent between 1995 and 1999,3 despite unprecedented
economic growth in the United States. Approximately 1.5
million people will file for bankruptcy in 2001.4 This
drastic increase in bankruptcy filings, especially in light
of the prosperous economy, concerned legislators and led
to talk of another bankruptcy reform. 5