Consumer groups have called for Congress to reform the bankruptcy code to save the homes of Americans who are mired in the subprime mortgage foreclosure crisis.
“For most of these families, bankruptcy is the only viable option to save their home,” said Henry Sommer, president of [the National Association of Consumer Bankruptcy Attorneys]. “This current exclusion is contrary to sound policy, and operates to disadvantage low-wealth and middle-income borrowers as compared to debtors with the wealth to own more than one home.”
Related posts:
- A Call for Reform (Another One)
- A Loophole in Massachusetts Court Rules and a Call for Reform
- NACBA Challenges New Bankruptcy Law
- Poster Children for Bankruptcy Reform
- NACBA Study Shows New Bankruptcy Law is not Working
Tags: Bankruptcy, Consumer Rights, Credit and Debt, Mortgages and Foreclosures