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In 1978, Congress created a bankruptcy law that was quite generous toward debtors.(The Week)(Brief Article)
* In 1978, Congress created a bankruptcy law that was quite generous toward debtors. Too generous: Under this law, the number of people filing bankruptcy has soared--it's up fivefold over the last two decades. Increased bankruptcy rates hurt consumers of credit. They lead to increased interest rates on credit cards, to higher down payments for auto loans, and to higher penalty fees. So now Congress is considering a bill that would make it harder for people who have the means to repay their debts to get out of them through ...
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Source: HighBeam Research, In 1978, Congress created a bankruptcy law that was quite generous...