Bankruptcies surge despite law meant to curb them (Obama, March, companies)

[oz in SC]

Hopeychange is a coming...

Nearly 1.2 million debtors filed for bankruptcy in the past 12 months, according to federal court records collected and analyzed by the AP. Last month, 130,831 sought bankruptcy protection -- an increase of 46 percent over March 2008 and 81 percent over the same month in 2007.

Bob Lawless, a professor at the University of Illinois College of Law, said bankruptcies could reach 1.5 million this year and level off at 1.6 million next year -- around the same time economists expect an economic recovery to begin.

Bankruptcies surge despite law meant to curb them - Yahoo! Finance (http://finance.yahoo.com/news/Bankruptcies-surge-despite-apf-14914978.html - broken link)

[ViewFromThePeak]

Bush's fault

Takes a while for the stimulus to work

You can't expect things to change overnight after 8 years of Bush

Did I miss any of the Obamatron heuristic algorithm processor lines of output?

[oz in SC]

There is probably another excuse but that was pretty good...

[golfgod]

Well first off the change in the bankruptcy laws was NEVER MEANT TO CURB bankruptcies. It was designed to make sure that CREDIT CARD ISSUERS got their money. The law was WRITTEN BY THE CC COMPANIES. It was designed to have NO OTHER EFFECT.

golfgod

[harborlady]

I'll add to the kitty that the baby has already been thrown out with the bathwater on this subject since compounding interest charges that were exhorbitant from the get go didn't get addressed in a timely fashion. The arguments about predatory lending have been going on for how long now???