14 Oct 2005
Bankruptcy Law Is Criticized for Creditors' Role in Counseling

Are there any questions as to the prime mover behind this legislation? This Congress seems to have carried the concept of "conflict of interest" to heights undreamt of heretofore.

A requirement of the new bankruptcy law that sends Americans into credit counseling before they can erase their debts is drawing criticism from consumer advocates, bankruptcy lawyers and financial educators, who are concerned that the creditors are subsidizing the counseling.

(link) [New York Times]

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