It's happening in the uk aswell, there was an episode about it on Panorama:

Panorama - Can't Pay, Won't Pay
Documentary
BBC1
10th November 08

"With the credit crunch affecting everyone, Panorama reveals the lengths some lenders are now going to in order to get borrowers to pay off their debts. "

One couple had £110,000 of debt wiped off through studying legal loopholes.