Dick Durbin: “The purpose here is not to send people to bankruptcy court, it is the opposite. Going to bankruptcy court these days is…”

“The purpose here is not to send people to bankruptcy court, it is the opposite. Going to bankruptcy court these days is not a trip to Disney World. It is a problem. You have to go through credit counseling, you have to gather all of your documentation, walk into a courtroom, usually with a lawyer, and be prepared for a pretty tough ordeal. And then, if you successfully complete the bankruptcy, you carry that stigma with you for years. Whenever you want to apply for a loan, one of the questions asked is: Have you ever filed for bankruptcy? So I do not believe people are gleefully jumping at the chance to go to bankruptcy court. For most of them, it is an embarrassing experience, it is a humbling experience, and it is one they want to avoid.”