That tougher bankruptcy law that GOPers passed has lead to LESS recoveries for Creditors

[Bill USA]

http://www.bloomberg.com/news/2013-11-27/study-finds-2005-code-reform-cut-recoveries-bankruptcy.html

“Creditors have done worse” since the bankruptcy law was amended in 2005 to enhance recoveries, according to a study by University of Maine School of Law Professor Lois R. Lupica.

In her study, funded by the American Bankruptcy Institute, Lupica said the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was intended to prevent “the discharge of debt consumers could afford to pay.”

“The theory that there are can-pay debtors lurking in the shadows was not confirmed by the data,” Lupica said in an interview.

The professor said the 2005 law was designed to compel individual bankrupts to pay more by restricting access to Chapter 7, where creditors typically get nothing. The theory, according to Lupica, was that more consumers would be forced into Chapter 13, where creditors are often paid a portion of their debts through payment programs spread over about five years.
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... what Lupica found was that is that recoveries fell by “statistically significant” amounts under the new law that the GOPers called Bankruptcy REFORM.

BTW the single biggest reason for personal bankruptcies is OVERWHELMING MEDICAL EXPENSES.

.... and how many people who declared bankruptcy for medical expenses HAD MEDICAL INSURANCE?? [font color="red"]75%!![/font]


"Overall, three-quarters of the people declaring bankruptcy due to medical expenses - had health insurance"

Medical bills prompt more than 60 percent of U.S. bankruptcies
http://www.cnn.com/2009/HEALTH/06/05/bankruptcy.medical.bills/


Medical Bills Are the Biggest Cause of US Bankruptcies: Study

http://www.cnbc.com/id/100840148

Bankruptcies resulting from unpaid medical bills will affect nearly 2 million people this year—making health care the No. 1 cause of such filings, and outpacing bankruptcies due to credit-card bills or unpaid mortgages, according to new data. And even having health insurance doesn't buffer consumers against financial hardship.

The findings are from NerdWallet Health, a division of the price-comparison website. It analyzed data from the U.S. Census, Centers for Disease Control, the federal court system and the Commonwealth Fund, a private foundation that promotes access, quality and efficiency in the health-care system.

"A lot of Americans are struggling with medical bills," said NerdWallet Health Vice President Christina LaMontagne.

NerdWallet estimates that households containing 1.7 million people will file for bankruptcy protection this year.
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That's why Healthcare reform is necessary!!

[Turbineguy]

1. Doesn't matter.

Facts don't matter. It's what you believe in your heart that counts.

[starroute]

2. This confirms that the real point of "reform" is to punish people

It's true of virtually everything that's been pushed as welfare reform, school reform, or anything else. They don't even care whether it saves money or not. The real motive is to punish people for being poor and needy.

[Half-Century Man]

3. Wondering if this boils down to the fundimentalist elements of the RW

If your life is bad, it is because you have been selected of tribulations because G*D knows you are a sinner.
If G*D thinks you are a sinner, we can't argue with the All Mighty, so we will help the Lord punish you.