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A call for Bankruptcy Reform: A Message to the Presidential Candidates

revrob.com — In 2005, a charade took place on the floor of the House and Senate. It is now called the “Bankruptcy Abuse Prevention and Consumer Protection Act.” Proponents willfully deceived the American people in arguing that the bill would ‘protect consumers’ from those who abuse the system. The law protects only creditors and allows foreclosures to soar.

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  • popothebright, on 11/21/2007, -0/+1"Less than 2% of all bankruptcies filed were filed under fraudulent motives."

    1/50 bankruptcies is a fraud? That's a HUGE number of people abusing the system. The problem is that 25/50 bankruptcies are people with zero financial responsibility.
  • Zadoc, on 11/21/2007, -0/+0The problem now is that because creditors are irresponsible in their lending practices, more and more Americans are being taken advantage of. In addition, since unsecured debt cannot be eliminated when a catastrophe occurs, like a job going overseas, foreclosures are soaring.

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