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A very interesting article has appeared in USA Today. The piece features an interview with Harvard Law School bankruptcy authority, Professor Elizabeth Warren. See here for the full length article. In relation to the link between credit and bankruptcy the learned professor notes:
"I've studied bankruptcy as a professor since the early 1980s, and over time it helped me understand the hollowing out of America's middle class. I discovered the extent to which the business model of selling debt to middle-class families has changed over the past 20 years.
The credit card companies and other lenders moved to a tricks and traps pricing model. The fees, the interest rate hikes and all the other surprises in the fine print have left families increasingly vulnerable. I watched hardworking, play-by-the-rules middle-class families collapse financially, and that led me to study the consumer credit market and eventually to the idea behind the consumer financial protection agency."
For an earlier question and answer session with Professor Warren, see here.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...