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One year after the new
bankruptcy law took effect, there's still debate about the fairness of
the new law and whether it's working to reduce bankruptcy filings as
intended, the Dallas Morning News reported today. "The feeling
is that so far, it's a success," said Laura
Fisher, spokeswoman for the
American Bankers Association. "Some of the abuse has been wrung out of
the system." However, Ike Shulman, former president of the National
Association of Consumer Bankruptcy Attorneys, said: "Compared with what
the credit industry claimed they could accomplish, it's pretty much been
a bust." The means-testing measure that was built
into the new law is having little effect, bankruptcy
attorneys and credit experts said. "Abusers were always a very small
part of that population," said ABI executive director Samuel J. Gerdano. Credit counselors
say they're not seeing much success in the new credit counseling
requirements of the new law- a consistent
trend nationwide, said Susan C. Keating, chief executive of the National
Foundation for Credit Counseling. "We believe these people are in
serious financial trouble. We don't believe these are people who are
trying to game the system."
1 Year After "Reform" Debate About Its Effects |
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