We have previously reported on the excellent work, books and papers, authored by Professor Elizabeth Warren. Here is a link to her blog:

http://houseoflabor.tpmcafe.com/story/2006/1/17/18646/3980

Today’s article points out that the authors of the reforms of bankruptcy law had based their push for changes in the law on rich filers who were cheating the system; however, based on the statistics gathered since the law changed, that may have been a flawed basis. In fact the folks who are filing are actually in desperate financial straits, having experienced an illness not covered by insurance, a lost job or some similar problem which compelled the filing. Although our work generally involves corporations and not individuals, this information is no shock to us having visited with and advised many people over the years on their finances. I am sure that Professor Warren’s blog will be interesting to follow.

Mike