Business Week recently ran a story entitled “Prisoners of Debt” in which they reported that a group of banks, collection agencies and even credit bureaus were working together to undermine bankruptcy law. They found that Capital One, Bank of America, Chase, and Discover were all ignoring existing bankruptcy laws, whether by accident or on purpose, and selling debts illegally to collection agencies so that the collection agencies could go after you and try to collect the bankrupted debt. There was recently a court case in which a Chase lawyer testified to a judge that bankrupted debts are sold all the time in the industry.
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