Alan- I'm addressing the new bk laws in a thread called "the effects of bk reform"...visit it and I will try and explain the provisions that are pertinent to consumers. I can't do it in one fell swoop but I will add to it on a daily basis. Hope to see you there! clc
Debt stamped? You bet. I have read that there were 1.5 million BK's last year, 97% of which were personal, 70% of which were CH 7. If you multiply that out you get 1,018,500 CH 7 personal BK's per year. If you figure the average person BK's on $40,000, that works out to about 40.7 billion a year or 3.4 billion per month. Now I am going to guess that an additional 700,000 BK's will occur because of the law changing and these additional BK's will occur in the 4 months prior to the new law going into affect in March 2003. That works out to an additional 7 billion worth of debt being wiped out per month for November, December, January, and February. If you want to make some money you might want to short Providian and Cap one. My bet is that they will have to file BK 11 before the spring of 2003.
