22 Jan '12, 2am

Blacks Face Bias In Bankruptcy Filings | Care2 Causes

A new study analyzing bankruptcy filings found that African-Americans were about twice as likely as whites to wind up in the more difficult and expensive form of bankruptcy filings. Most debtors who file for bankruptcy file under Chapter 7 of the bankruptcy code. Chapter 7 filings tend to have a higher success rates and are less expensive then the alternative Chapter 13, which requires debtors to dedicate their disposable income to paying back their debts for several years. Under Chapter 7 filings debtors are often relieved of their debts in a matter of months. The study showed the racial disparity persisted, even when the researches adjusted for income, home ownership, assets and education, suggesting that lawyers were disproportionately steering blacks into a bankruptcy filing that was not as good for them financially. Robert M. Lawless, a bankruptcy expert and law profe...

Full article: http://www.care2.com/causes/blacks-face-bias-in-bankruptc...

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