Mogul of Pineapples
- Centurion Member
- Posts: 1271
- Joined: Sun Jun 01, 2008 11:32 pm
- Location: Smogland
I think bankruptcies have remained relatively staple; Not because people don't need to file for bankruptcy, but because they can't with the '05 Bush bankruptcy reform. Now it doesn't make a whole lot of sense to do it if you can't wipe out your debts.
What we are seeing is part of the population living life as indentured servants to debt because of this. This is very sad when you consider most that have to resort to bankruptcy don't do it for frivolous reasons, instead they had a major, unpredictable event like massive medical bills or job loss that got them into the mess. Bush cites bankruptcy abuse as the reason to take bankruptcy away. To be honest I would say a very tiny fraction of bankruptcies are outright abuse (less than 3%). It's not like anyone wakes up in the morning and says they want to set out to file for bankruptcy so their credit can be shot for years after that.
I haven't followed if there's any talk by Obama about reversing Bush's crazy bankruptcy reform?
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