Bankruptcy Law Backfires on Credit Card Issuers

Topics:
Bankruptcies,
Commercial Banking
Tags:
Bankruptcy,
Bankruptcy Law,
Business Operations,
Credit Card,
Credit Card Company,
Litigation
Source:
Microsoft

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Overview: Credit card issuers and other lenders spent a small fortune to get bankruptcy reform legislation passed. Now the new law is costing them even more. An unprecedented spike in filings before reform took effect in fall 2005 is chewing into lenders' bottom lines, and the subsequent lull is showing signs of being short-lived. Bankruptcy attorneys say their caseloads are starting to pick up, and credit counseling agencies - which provide now-mandatory sessions for consumers who want to file - say they're seeing significantly more people than they initially predicted.

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