Foreword
Ever since the enactment of the Bankruptcy Act of 1898, the U.S. bankruptcy system has sought to balance the interests of debtors and creditors, offering relief for those in financial trouble and a fair opportunity for repayment for those who extended them credit.In the past 20 years, however, there has been a major shift in the way American families borrow and use credit. The result has been both sustained economic expansion and unprecedented access to credit to purchase more consumer goods and services. In 1978, according to the Federal Reserve, less than 40 percent of American families had a credit…
