Bankruptcies Down After New Law
Christine McManus reports for the Coloradoan (Ft Collins) about the rate of US bankruptcy filings following the effective date of new bankruptcy laws last October and the surge in filings that preceeded it.
Local bankruptcy attorneys are unsure whether the law will continue to deter bankruptcies as intended, protecting creditors from irresponsible consumers and protecting consumers from predatory lenders. One attorney said a client who received a credit card offer after his bankruptcy went through, stated, "Congrats on your bankruptcy. Apply now.""How many credit card applications have you received in the mail in the past week? I'll bet it's several," said Sumner. "The credit card companies have done it to themselves."
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