Monday, October 10, 2005
Bush administration chalks up another achievement
Now we learn from Michele Singletary's column "When bankruptcy becomes personal" in The Washington Post that:
"The overall quarterly increase was fueled by consumer Chapter 7 filings, which rose 17.7 percent, to 362,481 from 308,028, for the second quarter of 2004. Under Chapter 7, a person's assets are liquidated, except those exempted by law, and debts are wiped away. Such cases are usually simple. The average filer doesn't even appear before a judge.
"This recent surge in bankruptcy petitions is largely attributable to consumers scrambling to file before the new, tougher Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 takes effect Oct. 17."
The new act was tailor made to benefit corporate America. There is no doubt that it will do so. Those facing bankruptcy can pound salt.