|Despite the 2005 legislation making bankruptcy harder - it;'s back again.
||[Oct. 9th, 2009|06:12 am]
"Keep in mind that this new change comes in light of the 2005 tougher bankruptcy laws. That is why in the above, the chart shows a dramatic spike. What changed in 2005? A wide group of consumer advocates, legal scholars, and retired bankruptcy judges questioned the soundness of the legislation and recommended against it. The credit card industry lobbied hard. The contention was that bankruptcy was wrought with fraud. There wasn’t much data backing up that assertion but remember that in 2005 the good times were going on so hardly anyone was paying attention and the legislation was jammed through. The major changes included..."