Bankruptcy
Consumer Bankruptcy Attorneys Weigh In on Senate Hearing re: BAPCPA
Earlier this week a Senate hearing was held as the last-gasp chance of the outgoing majority to crow about their apparently successful decimation of consumer rights in the dreadfully drafted BAPCPA amendments. As the National Association of Consumer Bankruptcy Attorneys‘ President Henry Summer put it, beautifully, the lineup invited by the Republicans was “the financial world equivalent of the Flat Earth Society … No credible person in the field seriously disputs the fact that the bankruptcy law changes have been a spectacular flop.”
Indeed - as my colleague Kevin Charns at The Bankruptcy Lawyers Blog points out, no one has less credibility on the efficacy and constitutionality of the amendments than Todd Zywicki, he of the infamous “wouldn’t change a word” assertion. Yet, there was Professor Zywicki, along with others, blindly insisting that there were no serious issues with the law, that it was serving its purpose, and there was “no evidence” that debtors were being turned away from bankruptcy protection.
My response to that? I wonder what color the sky is in Professor Z’s world.
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