By Consumer Bankruptcy News
With Congress and the Supreme Court having approved what I would call criminal loan sharking, filings will start growing, and maybe not in a year, but in a couple of years, we might see filings as high or higher that they were before, notwithstanding the new bankruptcy law’s goal. Then take into consideration our present divorce rate, and the fact that there are 45 million people without health insurance. Those factors can’t be controlled within the bankruptcy system, but they have a huge impact on it.
In my 22 years on the bench, at least 98 percent of the debtors who have appeared before me are decent, honest hardworking people who suffered a tragedy. The claims that were made by the proponents of the new legislation that every bankrupt was a fraud and every lawyer representing them was crooked, is a bunch of nonsense and hype that was used to pass this bill.