Whaddya mean, they made bankruptcy too expensive to pursue? Say whaaaa?
Yahoo Finance: Too Broke to Go Bankrupt
Apparently, calling “Bankrupt!” and getting a do-over ain’t as cheap as it used to be. But then, what is?
My favorite quote from the article reads thusly:
Billy Brewer, president of the National Association of Consumer Bankruptcy Attorneys, said bankruptcy attorneys have no choice but to charge such high fees.
“When clients come in and I tell them the fee, they look at me like I have two heads, and say: What part of ‘I’m filing for bankruptcy don’t you understand?’ But we can’t afford to do it for free,” said Brewer, who charges an average fee of $1,500. “Congress decided to make the process much more difficult and there’s much more paperwork involved, so attorneys are spending double the time they used to just to help someone file.”
Well, I’m sure this was a completely unintended consequence of the 2005 bankruptcy legislation.