The people coming out of bankruptcy need an opportunity to get back on their feet.
There is a good bit of misinformation out there. There are people who don't understand the basic tenets of the bill. Statistically, 80 percent of [people filing for bankruptcy] make less than their state's median income.
The [new bankruptcy] law, ... is really targeted at the 5 [percent] to 10 percent of people who were abusing the system.
We'd like the state to bite off as much as possible because it is a state park.
They're hiring consultants. They're hiring accounting firms. They're buying software. Everything is changing.
They just don't have the human resources to run the bank and then to read and analyze and comply with thousands of pages of regulations.
The people coming out of bankruptcy need an opportunity to get back on their feet. If you take away the opportunity to get credit, it's like taking away the want ads from a job-seeker.
The system is going to help recover more losses for creditors, ... It's going to mean less weight on the American economy in general.
We weren't expecting a huge drop in filings, just that the system be more fair.
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