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The Battle for Bankruptcy Reform Wages On as Filings Continue to Rise

WASHINGTON-Credit unions and other lenders have been fighting to reform bankruptcy protection laws for several years now and credit union lobbyists have said, though it is not impossible, it is unlikely bankruptcy reform legislation will be signed into law this year. Still the credit union trade associations are pushing just...

By Staff Writer | Updated on June 22, 2004

WASHINGTON-Credit unions and other lenders have been fighting to reform bankruptcy protection laws for several years now and credit union lobbyists have said, though it is not impossible, it is unlikely bankruptcy reform legislation will be signed into law this year. Still the credit union trade associations are pushing just as hard as they did initially in their lobbying for bankruptcy reform. Maybe it is because consumer filings continue to increase even as debt payments as a percentage of total disposable income decreases. Another driving factor could be that non-business bankruptcy filings have increased from not quite 87% of total filings to nearly 98% of total filings since 1980. Study the statistics below and judge the worthiness of the cause for yourselves.

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