When the GOP Congress passed and President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, supporters hailed the measure as a victory for "personal responsibility."

Three years later, the bill has managed to dent the number of bankruptcies filed in America — from 1.6 million in 2004 to 850,912 in 2007, according to the nonpartisan American Bankruptcy Institute. That number is great for the banks, but in the wake of America's subprime mor ...

( Back to Article )