90 LAW PROFESSORS SEND LETTER OPPOSING BANKRUPTCY REFORM LEGISLATION

February 21, 2005

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In a letter to Sen. Arlen Specter, Chairman of the Senate Judiciary Committee, 90 law professors from around the country wrote a detailed letter setting forth their disagreements with, and opposition to, S. 256, the Bankruptcy Reform Act. Among other things they said:

“The fastest growing group of bankruptcy filers is older Americans. While individuals over 55 make up only about 15% of the people filing for bankruptcy, they are the fastest growing age group in bankruptcy. More than 50% of those 65 and older are driven to bankruptcy by medical debts they cannot pay. Eighty-five percent of those over 60 cite either medical or job problems as the reason for bankruptcy. 12 Here again, abuse is not the issue. The bankruptcy filing rate reveals holes in the Medicare and Social Security systems, as seniors and aging members of the baby-boom generation declare bankruptcy to deal with prescription drug bills, co-pays, medical supplies, long-term care, and job loss.”

SOURCE: NACBA web site