Norton Bankruptcy Study: Bankruptcy Reform did not work the way it was supposed to!

New study published in the Norton Bankruptcy Law Advisor surrounding bankruptcy reform (BAPCPA) and credit cards. Interesting conclusions: The new bankruptcy laws benefited credit card companies and hurt their consumers. Bankruptcy protections became LESS available, while at the same time credit card companies increased their prices 5% to 17%. Profits for credit card companies were $7 billion dollars higher in 2006 than 2005, while 2007 2007 profits were $10 billion higher than profits for 2006.

This shows that the push for bankruptcy "reform" by the credit card companies was a sham. The credit card companies still hide fees and have pricing structures that mislead the consumer, even now. It also shows that the credit card company's pricing failed to respond to the consumer, even after they got the law they wanted and still made more money and profit.