Bankruptcy Reform Bites Back

[David Farber <dave () farber net>]

Begin forwarded message:

From: TruChaos () aol com
Date: November 6, 2007 5:52:52 AM EST
To: dfarber () cs cmu edu, dave () farber net, rsmith () wbal com
Subject: Bankruptcy Reform Bites Back

"Score one for the law of unintended consequences

"foreclosures are soaring, while bankruptcies, though clearly on the  
upswing, are running roughly at half the 2001-2003 pace. The reason: A  
new bankruptcy law, approved by Congress in 2005 after years of  
debate, makes it much harder for households to get out from under  
their consumer debt. The result: More people being forced to walk away  
from their homes, leaving lenders holding the bag."


http://www.businessweek.com/magazine/content/07_44/b4056080.htm



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