Voting Poll Results: Majority Believe Bankruptcy Reform Necessary, But Not by a Large Margin

WEST PALM BEACH, Fla. - Bankruptcy reform has been a major issue for CUNA and NAFCU the last five years, but what do credit unions think? According to Credit Union Times' just expired voting poll, a majority believe that the current bankruptcy reform legislation making its way through Congress should pass, but there are also a fair share of detractors. While bankruptcy reform has made its most progress to date, it's not a done deal yet and it has become a popular target for consumer columnists who say its biggest flaw is it doesn't come down hard on credit card companies that many believe have contributed to Americans' rising revolving debt load. Still, the bill has a lot of support in Congress among lawmakers who believe it will limit abuse of bankruptcy. CUNA and NAFCU both support the current legislation. Credit Union Times' poll results show that roughly 51% of respondents support the current bankruptcy reform legislation. On the other hand, approximately 38% do not support it. Another 5% aren't sure, and 5% don't consider bankruptcy an important issue. The question and results are as follows: Do you support the current bankruptcy legislation? *No, it does nothing to curb abusive lending practices........................................................................19.1% *No, it will hurt consumers who truly need bankruptcy..................................................................12.08% *No, the means test is flawed................................3.65% *No, for some other reason....................................3.09% *Yes, it will stop people from abusing bankruptcy..................................................................18.26% *Yes, reaffirmations will help protect credit unions...........................................................................7.02% *Yes, it will force those who can pay to do so............................................22.75% *es, for some other reason...........................................................................3.09% *Not sure........................................................................................................5.34% *Don't consider bankruptcy an important issue..........................................5.62% Total Votes: 356