Bankruptcy Filings - As Ye Sow So Shall Ye Reap
January 5th, 2010
| Categories: Economic Trend Analysis
Two quick ways to dump debt are to walk away from no recourse mortgage loans and file for chapter 7 bankruptcy. The debt slave act of 2005 , better known as the bankruptcy reform act of 2005 was supposed to prevent the latter but it is no surprise in this corner that it didn’t. In fact, the law encouraged banks (and was purposely written to allow banks) to make high-risk loans thinking they could make debt slaves out of people forever. It is fitting the law backfired. As ye sow so shall ye reap. And now, with unemployment at 10%, the surge is on. The Wall Street Journal notes Personal Bankruptcy Filings Rising Fast
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Bankruptcy Filings - As Ye Sow So Shall Ye Reap
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