I LOL at stuff like this
Quote:
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despite a 2005 rule overhaul aimed at curbing filings by those who would benefit unfairly
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Those new bankruptcy rules were literally written by the credit card companies.
It was called the "bankruptcy reform act" because that sounded better than "love letter to the banking lobby"
Most bankruptcies are a result of a job loss, a divorce or death of a spouse, a medical emergency, and here recently, home foreclosure.
It makes perfect sense that the rate of bankruptcy filings will skyrocket along with the unemployment rate, especially in areas like California where the housing crisis means you can't sell your house and move elsewhere to get a job.