Bankruptcy Reform What?

By Liz Pulliam Weston, MSN Money

Despite heavy (and expensive) lobbying by credit issuers, the unprecedented spike in filings prior to the advent of the Bankruptcy Reform Act is dragging down the bottom line for lenders, while the current lull in filings appears to be about to give way to still more escalation in the number of Americans seeking relief from their debts.

Bankruptcy attorneys say their caseloads are starting to pick up again, while credit counseling agencies are seeing significantly more people than they initially predicted.

All this is raising questions about whether lenders will profit as much from the new bill as they hoped and, ultimately, whether the top to bottom overhaul in the law will be worth the money spent trying to get it passed.

Ed. Note: I would like to hear any anectodes from committee members. Let me know at mmhedayat@hotmail.com.