Monday, October 17, 2005 at 11:00 AM EDT
New Bankruptcy Law
A new, more restrictive bankruptcy laws takes effect today that will make it harder and more expensive for financially-strapped Americans to get a clean break. People rushed to file for bankruptcy this past weekend in anticipation of the new law, which was long sought by the financial industry.
The new law comes at an awkward time, just as the nation is focused on the evacuees of the Gulf Coast, many of whom are facing severe financial pressure.
Caroline Mayer, consumer affairs reporter for the Washington Post, explains the impact of the new law.
Guests:
Caroline Mayer is consumer affairs reporter for the Washington Post.
