The consumer bankruptcy laws of this country were revised just 4 short years ago in a sweeping bit of reform legislation under the Bush administration. The laws were championed by the credit card companies and other creditors as a way of guaranteeing they would not be left holding the bag of people who get trapped under bills.
When the laws were written originally in the late 1970s, the rules reflected the concerns of the banks who were worried about losing money on mortgages. While both of these institutions are valuable assets to the country, they do not necessarily have the interests of the general consumer at heart when worrying about their balance sheets.
For this reason, the consumer bankruptcy laws should be revised. The idea that the consumer bankruptcy laws should reflect the needs and concerns of the consumers the laws are meant to protect and aid may seem extreme to some but it really isn’t that eccentric.
- Posted under: Loans
