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Credit card issuers crazier than I thought

By Cathy Moran

Today’s experience with credit card issuers topped the tale I was told last week by a new client of hopeless insolvency and an enhanced credit offer from a card holder to whom she already owed half of her annual salary: today’s offer of a new credit card was delivered to my client at the address of her bankruptcy lawyer, me!

This client has not, on my instructions, paid her existing credit card debt of over $200,000 for at least nine months. The link between her name and my address can only have come from contacts between collectors on the existing debt and my staff, who have been telling collectors that we do intend to file a bankruptcy case for the woman. Ironically, we did file her bankruptcy at the end of June.

Add to this the fact the woman has no income of her own, and her spouse owes even more than she does. And Bank of America offered her a “pre approved” credit card delivered to my office.

It is hard to believe, as the creditors lobby claimed, that all the blame for consumer bankruptcies lies on the heads of borrowers when lenders hand out credit like advertising flyers.

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About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

Chapter 13 available to more

About The Soapbox

You've arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said "try").

Here, I allow myself to tell stories and express strong opinions on how I think law should work for the consumer and small businesses when it comes to debt.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

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