UM: Bankruptcies

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The Wall Street Journal interviews UM bankruptcy professor John Pottow for an article on last year’s dramatic rise in bankruptcy filings, up 32% compared to 2008. Pottow commented on how a 2005 overhaul of federal bankruptcy law affected the trend: “It never made sense in the first place that you could change the laws and make all these bankruptcies go away. If people are encountering financial distress, you can only scare them away for so long before they come back again.” [Source]