158,000 Personal Bankruptcies In March, 75% of them Chapter 7

[jtuck004]

Those looking for economic bright spots will not find it in foreclosures or bankruptcies. Please consider Sharp Increase in March in Personal Bankruptcies from the New York Times.

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The Debt Slave Act of 2005 (better known Bankruptcy Reform Act of 2005) continues to make complete fools out of its sponsors. After the bill passed, banks made very poor loans figuring people would be forced into chapter 13 and would have to pay the loans back some way somehow.

Well, people without a job cannot restructure anything, nor would they want to if they could, because most of them are hugely underwater in houses.

Banks got everything they wanted in the bill. It is fitting it blew up in their faces.

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