Daily Outrage: Bankruptcy filings approach record of 2M 

WHAT: Bankruptcy filings are on track to reach 1.7 million this year, nearing the record 2 million in 2005, when a tougher new law took effect to shut out deadbeat borrowers.

SIDE EFFECTS: Student loan defaults and home foreclosures also are rising. In March, bank-card defaults increased to
9.1 percent from 7.7 percent.

CATCH-22: Only a fraction of those in serious financial distress are filing for bankruptcy, including many Americans trying to save their homes. The new bankruptcy law does not protect primary residences.

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