Another Culprit in the Mortgage Meltdown
It's called the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, that filthy piece of legislation that was designed to be a handout to credit card companies by forcing more middle income households into Chapter 13s instead of Chapter 7s. With Chapter 7s, getting rid of credit card debt by having it discharged in court freed up money to pay mortgages, but with the new law, households could no longer do that. This caused more foreclosures.
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