Black people struggling with debts are far less likely than their white peers to gain lasting relief from bankruptcy, according to a ProPublica analysis. Primarily to blame is a style of bankruptcy practiced by lawyers in the South.
The story detailed how the city’s poor black residents are steered into bankruptcy plans they are doomed to fail. Two City Council members are looking at a series of solutions to address the underlying problems.
For years, an Equifax policy has treated some Chapter 13 filers differently than the other two major credit rating agencies. After ProPublica asked about it, the company said it would change the policy.
ProPublica’s analysis of racial disparities in bankruptcy revealed a skyrocketing number of filings in Chicago’s black neighborhoods. But most of the cases will fall apart before the debts are wiped away.
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