CONTROVERSIAL Bankruptcy Law REFORMS NOT WORKING? MOST PUSHED TO BRINK BY CRISIS.

NACBA Analysis of More than 60,000 Consumers Processed Under New Law Asks:"Where Are the Deadbeats?" Congress Expected to Find and Stop With Onerous Rule Changes?

The first analysis of tens of thousands of consumers seeking protection since a new federal bankruptcy law went into effect last October concludes that the changes put in place by Congress are not working as intended.

The report by the National Association of Consumer Bankruptcy Attorneys (NACBA) finds that of the 61,335 consumers seen so far by credit counseling firms, the required first stop under the new bankruptcy law, nearly all (97 percent) are unable to repay any debts and that four out of five would-be filers (79 percent) were forced into dire financial straits by circumstances beyond their control, such as the loss of a job, catastrophic medical expenses or the death of a spouse.

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