fliprent

According to three researches at the Federal Reserve Bank of New York, the 2005 bankruptcy law is another contributor to our economy in crisis.  The article states that prior to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, homeowners were able to file Chapter 7 liquidation.  This allowed them to continue to pay their mortgages while freeing themselves of unsecured (not asset backed) debt.  You can red the rest of the article here.