Bankruptcy

Consumer Groups Advocate for Bankruptcy Change

In light of the growing subprime mortgage debacle, three consumer groups have joined forces to push publicly for changes to the bankruptcy laws designed to help homeowners escape the foreclosure that’s becoming a crisis in this country. The groups - the National Association of Consumer Bankruptcy Attorneys, the Center for Responsible Lending, and the Consumer Federation of America, estimated recently that over 2 million homeowners either have lost or will lose their homes during this crisis, a figure that works out to a loss of over $160 billion in “home wealth.” For more on this joint advocacy, see this article from Reuters.
Full disclosure: I am a member of NACBA. I’m proud to be associated with a group that works with other leading consumer advocacy groups to effectuate real change in this country on behalf of the consumers who are being clobbered by the all-powerful credit industry machine and its “hired guns.”

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