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Bankruptcy Impact

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A very recent study of 61,355 financially troubled consumers has found that 97% were unable to repay any debts and that 79% were forced into dire financial straits by circumstances beyond their control. The report, based on data collected by six credit counseling firms, says the results show that the new federal bankruptcy law is not working as intended. The National Association of Consumer Bankruptcy Attorneys says all the new law does is put new hurdles in the path of people who are already flat on their back due to financial crises over which they have no control. The NACBA says contrary to the claims of proponents of bankruptcy law changes that the new law would stop “legions of deadbeats” who supposedly were crippling the U.S. economy with billions of dollars in losses associated with profligate and abusive bankruptcy filings, the federal bankruptcy law changes that went into effect on October 17th are doing no measurable good whatsoever.

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