The Munificent Seven's last chapter

The record number for bankruptcy petitions doubled last week.

This surge in petitions was spurred by an oncoming change in bankruptcy qualifications. The changes will attempt to stop those with above-average incomes from filing for Chapter 7.

The Christian Science Monitor has boiled the changes down to a simple chart:


So why is this important? Because the average American holds $8,000 worth of credit card debt. Credit card companies lobbied for this bill so that they wouldn't have to lose the money to these debtors.

So take note, big spenders. There's no safety net for you now if you're upper middle-class or above. Your time for Chapter 7 is over.