I take exceptions to the recent spate of articles and letters to the editor in opposing bankruptcy reform, most of which contend 90% of bankruptcy petitioners experienced job loss, illness or divorce. This is populist drivel. In my 45 years experience in dealing with bankruptcy filings, less than 20% of the cases contained any of these elements. The majority of bankruptcy filings are a direct result of irresponsible spending. The much maligned attempt to curtail abuses of the bankruptcy system is however in effect a red herring. The only avenue through which bankruptcy reform can be achieved is by demanding that bankruptcy judges who pervert the Code and make law from the seat of their robes thereby defeating the intent of said code, adhere to the law. If you think my rebuttal of the poor debtor school is prompted by my profession, you are only half correct. As a consumer I am tired of picking up the tab for dead beats. John Barker CEO Hudson River Teachers FCU Cortlandt Manor, N.Y.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.