Bankruptcies are UP

Hey, look at that. Bankruptcies are at an all-time high. So that means bankruptcy critics will start crying foul again. The credit card companies and their congressional friends already won a huge battle in 2005 when they changed the bankruptcy laws, making it harder for people to file for Chapter 7 and instead file for Chapter 13. That means that debts that would get wiped out, debt like credit cards now has to be paid back in a 3-5 year period. More money for the credit card companies! Congressional proponets claimed that bankruptcy was being abused by people who would run up debt and then use bankruptcy to escape their obligations. This has been proven to be false. So get ready to hear a bunch of blow hard congress people scream about rampant abuse, even though we have high unemployment. These critics think that people going into bankruptcy are irresponsible people who just go into bankruptcy like it's a trip to the grocery store. A trip to the store that you can only make once every 7 years. A trip that follows your credit report for the next 10 years. A trip that will have lasting effects on people and their families for a far longer time than 10 years. These critics are people who will never experience the fear and shame of being unable to provide for their family even though they did follow all the rules. These critics are wrong.