The 2005 bankruptcy bill was actually first drafted in 1997 and first introduced in 1998. The United States House of Representatives approved a version titled the Bankruptcy Reform Act of 1999 and the Senate approved a slightly different version in 2000.ince banks, credit companies and other creditors are the ones who must bear the losses for debts discharged through bankruptcy, their lobby power was a great supporting factor to eventually prevailing and forcing legislatures to pass the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.