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	Bankruptcy On The Rise
	The new law on bankruptcy, enacted from 17th October 2005 had a temporary effect on the number of filings. Jeffery Freedman, an attorney opined about the intent of the legislation that it was mainly to force the filers into Chapter 13 plans, which require making payment to the creditors as opposed to Chapter 7, where the entire debt used to be discharged. Some critics said that some were abusing the system and thus the number of filings will not reduce. By the way, last year the number of bankruptcies rose 30% to 2 million before the enactment of the new law. Brad Botes, Executive Director of the National association of Consumer bankruptcy attorney was of opinion that congress?


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