Wed, 22 Jun 2005

Bankruptcy law not a friend to small business

Well, duh! What do you expect to get when you let one side of an issue (in this case, banks and creditors) write the defining legislation?

The new bankruptcy law that takes effect this October will hit small-business owners much harder than previously thought. That's the conclusion of a new study, which appears in the most recent issue of the California Law Review, by Robert Lawless, a law professor at the University of Nevada–Las Vegas, and Elizabeth Warren, a Harvard Law School professor. The law makes it more difficult to wipe away debt by mandating that bankruptcy filers pass a means test. For example, a petitioner with a family income greater than the state's median may have to enter a repayment plan.

(link) [U.S. News & World Report]

/Politics | 0 writebacks | permanent link

comment...

 
Notes: If you put a <mailto:> link in the URL field your address will not be mangled: this could be a bad idea as your email address could be easily harvested by bots designed for SPAM. The comments field should now format correctly for line feeds and carriage returns: when you hit the 'Enter' or 'Return' keys in your comment it should break to a new line. The text should wrap cleanly. Please let me know if it doesn't. No HTML tags will pass through - entering links seems to be the main cause of comment SPAM. Also, please be sure that Javascript is enabled in your browser before attempting to post a writeback. Sorry for any inconvenience, but this really helps cut down on the amount of comment SPAM I have to deal with.
 
 Name:
 URL:(optional)
 Title: (optional)
 Comments:  
Save my Name and URL/Email for next time