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Paige Marta Skiba

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Members of the Teamsters enter the a federal building in Philadelphia on Tuesday, Feb. 24, 2009 to view the first bankruptcy hearing in the wake of the filing by Philadelphia Newspapers Inc., owner of The Philadelphia Inquirer and Philadelphia Daily News, for Chapter 11 protection. Bankruptcy lawyers say Philadelphia Newspapers Inc. Chief Executive Brian Tierney and two other Philadelphia newspaper executives will roll back their 2008 raises while the company tries to shed debt and stay afloat. (AP Photo/Matt Rourke) (Matt Rourke)

Bankruptcy courts left ill-prepared for tsunami of people going broke from coronavirus shutdown

Paige Marta Skiba, Dalié Jiménez, Michelle McKinnon Miller, Pamela Foohey, Sara Sternberg Greene

FILE - This Tuesday, July 31, 2007, file photo shows the entrance to an Advance America payday lending office in Harrisburg, Pa. The lenders who advance people money on their paychecks charge exorbitant interest rates that often snare the most vulnerable customers in a cycle of debt, the industry’s critics have long said. Yet even consumer advocates who loathe the industry admit it fulfills a need: Providing small amounts of cash quickly to people who can’t qualify for credit cards or a bank loan. (AP Photo/Carolyn Kaster, File) (AP)

Payday lenders have embraced installment loans to evade regulations—but they may be even worse

Paige Marta Skiba, Caroline Malone