More on Bankruptcy Reform

A lot of people do not like the current bankruptcy reform bill that is just about to be passed. A lot of that angst has to due with people's hatred for credit card companies. While I share many consumers' disdain for credit card companies (see my post below), I think people's feelings on credit card companies is clouding the issue of bankruptcy reform. As I pointed out below, this reform bill will only effect about 10 percent of consumers who file for bankruptcy, which suggests to me that this bill is targeting those gaming the bankruptcy system, not those who fall into the trap of high late fees and high interest rates because of job loss or some other unexpected life crisis though I do think bankruptcy reform opponents do have a valid point that the means test to determine whether one qualifies for Chapter 7 or Chapter 13 is too inflexible in this bill.