Approximately 97 percent of the respondents support a bankruptcy system that is needs-based. This would help to increase debtor accountability, create a fairer bankruptcy system, and more fairly distribute payments among all creditors. Second is mandatory financial education for all bankruptcy filers . Credit unions have a long history of educating their members in financial matters. The wise use of credit as well as the value of systematic savings are basic credit union principles.
Most credit unions attempt to provide the best possible education for their members.
Third is strengthening the right of reaffirmation for credit union members . Credit unions traditionally have higher reaffirmation rates than many other lenders, partly because their members realize that credit unions offer them low interest rates on loans and high dividend rates on savings. The higher credit union reaffirmation rates reflect other characteristics of the credit union philosophy such as the knowledge that fellow credit union members will bear the costs of any debt discharged in bankruptcy. Credit unions believe that their members should be assured that they can retain their relationship with their financial institutions by reaffirming loans at reasonable rates, rather than being forced to pay higher prices elsewhere. Seventy-six percent of those surveyed believe that the bankruptcy code should not include any limitations on the right to reaffirm.