Card Issuers Pressing for Bankruptcy Law Changes
Bloomberg reports on new efforts by credit card issuers to press for changes in the US personal bankruptcy code.
Personal-bankruptcy filings have almost doubled in the last decade, reaching 1.58 million for the last 12 months, compared with about 800,000 in 1995, according to the Administrative Office of the U.S. Courts. The Bankruptcy Coalition, a lobbying group that includes JPMorgan Chase and HSBC, says those bankruptcies cost them $40 billion each year. The law the banks want would apply a means test to individuals seeking bankruptcy.
Stumble It!
Add your comment... (note that all comments are reviewed before they're published)