In spite of Georgia's strong economy, bankruptcy filings are at record levels. During 1998, the number of filings exceeded 1.43 million nationwide with nearly 97 percent attributable to consumer bankruptcies. These record filings in the midst of a booming economy and low unemployment is clear indication that the system is broken and needs reform. This rapid rise in personal bankruptcies and a near-record high in business bankruptcies is a trend that must be reversed. L. Wesley Smith, President …showed first 75 words of 1306 total…

…showed last 75 words of 1306 total…by bankruptcies of convenience, the cost of credit will inevitably increase while its availability will begin to decrease. Such a tightening of credit will especially impact the working poor. In addition, these reforms will protect those responsible borrowers who meet their financial obligations but end up paying for those who abuse our bankruptcy laws." Bankruptcy is a long-term mistake. It should be viewed as a last resort and not as a panacea for financial problems.