Debt (student, but other debt too)

Forwarding a good posting from the blog Naked Capitalism that has a link to a downloadable paper on the implications of bankruptcy laws, with some particularly telling comments relevant to student debt.

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Wednesday, May 9, 2012

The Bankruptcy “Reforms” of 2005:  Creation of a New Debtor’s Prison?

An article by law professor Linda Coco, “Debtor’s Prison in the Neoliberal State: ‘Debtfare’ and the Cultural Logics of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” (hat tip Michael Hudson) is a an informative, if disheartening, overview of the significance of the bankruptcy law reforms implemented in 2005.

Debtor’s Prison in the Neoliberal State

One might cynically observe that after 25 years of making it easier for consumers to borrow and encouraging them to load up, banks realized that they might have too much of a good thing and realized they needed to improve their ability to extract payments from the credit junkies they had created. But the passage of the 2005 law had been a prize the financial services industry had. . .    Read More

 

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