New Report Addresses Trends in Consumer Bankruptcy
Personal bankruptcy trends in Oak Park and throughout the U.S. can sometimes provide us with a bigger picture concerning consumer debt and economic stability. A new report from the Consumer Financial Protection Bureau (CFPB) addresses recent trends in consumer bankruptcy filings and the ways in which those trends have changed in the last two decades. As such, the report considers how consumer bankruptcy filings trends shifted with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005, and the foreclosure crisis and subsequent recession that began more than 10 years ago. What does the CFPB have to say about bankruptcy trends in the 2000s? We will say more about the report and its potential implications for consumers in the present who are considering bankruptcy. Key Aims of the CFPB Report Given that the new CFPB report stretches over a period of nearly 20 years, there are some key aims that the authors intended to address. Those key aims, or q...