Article: Utah, The Nation?s Bankruptcy Capital
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Utah, The Nation?s Bankruptcy Capital
Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection Act, designed to minimize frivolous bankruptcy filings and to require debtors to repay some of their debt. Once it takes effect in October, 2005, the law will make it harder for those with problem debt to have their debt wiped away by the courts. Most will have to agree to a five-year repayment plan. In passing this new law, members of Congress suggested that our bankruptcy courts are filled with cases involving not ordinary citizens, but with reckless gamblers, shoppers, and drug abusers. Is that really the case?
One would think, given the accusations, that the highest bankruptcy rate in the Untied States would be in place where such vices were common, such as California, New York or even Nevad...
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