Talk to your lenders. It is in their best interest to help you reorganize your debts, extend your payment periods, help consolidate or refinance debts. If we do not reform the system and stem the explosion in bankruptcy filings caused by bankruptcies of convenience, the cost of credit will inevitably increase while its availability will begin to decrease. Such a tightening of credit will especially impact the working poor. In addition, these reforms will protect those responsible borrowers who meet their financial obligations but end up paying for those who abuse our bankruptcy laws.
Bankruptcy is a long-term mistake.
It should be viewed as a last resort and not as a panacea for financial problems. Download the Adobe Acrobat Reader. Send an e-mail to the webmaster for more information or to share your opinion. Back to Federal Issues .