Bankruptcy Boom’s Back
This tough new law was supposed to slash the number of bankruptcy filings, and it did show stellar effects — but only for a short period of time. Now, the numbers are rising again because the root causes of unpaid debt were never addressed. Moneycentral.msn.com reports:
Credit counselors are already reporting an increase in the number of debtors seeking help because of high gas prices and adjustable-rate mortgages that have reset at higher rates. Those debtors may well enter the bankruptcy pipeline in the next year or so.
Read more: The bankruptcy boom is back
August 16th, 2006 at 5:08 am
“Now, the numbers are rising again because the root causes of unpaid debt were never addressed.”
So, it is better to address the root cause first and then make a new law.