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Bad Mortgages Are Only the Beginning

Well, if bankruptcy is good enough for Lehman's, its good enough for the common joe on the street. Sure he was enticed with low interest cards that soon transformed into "all the market could bear" 34% usurious interest horror cards. But if you lose your home, and there are no promises of any kind of redemption for ten years, you might as well go whole hog and file bankruptcy. Even with the credit card industries heavy duty changes to the bankruptcy law, if you don't have a job, you don't have a house, you don't have medical, then screw the credit card industry. All they do is take 2% money and charge 34%. As for collection agencies, they will be contacting debtors at disconnected cell phones, because ATT can't even get a loan for their operations. If ATT can't get a loan, what good is credit for the little guy?

But there are millions of persons out there who can't afford to pay the lawyers to go bankrupt! There will be so many defaulted debtors who won't bother to file, and that will be the bane of the banks.