Bankruptcy; accomplishing the obvious

By Lee Russ

Tuesday, August 29, 2006 at 05:18 PM

How's this for shocking: U.S. bankruptcy filings have fallen to the lowest level in five years after a federal law made it harder for individuals to seek protection from creditors.

And the shocking news continues:

About 1.5 million personal and business bankruptcies were filed in the year that ended June 30, a 9.3 percent drop from the previous year, according to data released Monday by the Administrative Office of the U.S. Courts.

Personal filings fell to 1.45 million from 1.6 million, or 9.4 percent. Business filings fell by 844 to 31,562, or 2.6 percent. A law took effect Oct. 17 making it harder for individuals to avoid paying debts.
....
"To the extent Congress had a goal of simply reducing bankruptcy filings, the proponents of the law can stand up and say, 'Hey, we've set out to achieve this, and we have,' " said Samuel Gerdano of the American Bankruptcy Institute.

Yes, when you make it hard for people to file bankruptcy, when you decrease the number of people eligible to do so...the number doing so drops.  They may get a Nobel science prize for this discovery.

And it's right in line with that other RepubliCON truism covered here recently:  make fewer people eligible for welfare and...BY GOD...you get fewer people on welfare.

The party of ideas, in spades.