The 2005 Bankruptcy Reform Act was significant because

A) it greatly decreased individual bankruptcy filings.
B) it greatly increased individual bankruptcy filings.
C) it made individual bankruptcy filings illegal.
D) it made it easier to make individual bankruptcy filings.

The 2005 Bankruptcy Reform Act, officially known as the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), was significant because it implemented stricter rules for filing bankruptcy, which included means testing, mandatory credit counseling, and increased paperwork, making it more difficult and less attractive for individuals to file for bankruptcy. This led to a decrease in individual bankruptcy filings.