I have written about the "ticket" into bankruptcy - as well as the "ticket out." The "ticket in" is a certificate from a US Trustee approved agency that must provide mandatory credit counseling to any debtor seeking bankruptcy protection. Under the new law, a bankruptcy debtor cannot be a "bankruptcy debtor" without that ticket.

According to the National Association of Consumer Bankruptcy Attorneys, the new law just is not working. The credit counseling requirement, which is an extra cost to be borne by people seeking debt relief, is a "waste of money" and does little to weed out people who were trying to abuse the bankruptcy process.

You can read more about the study in the February 22 online edition of USA Today.

And you'll find NACBA's study, "Bankruptcy Reform's Impact: Where are all the Deadbeats?" here.