4/15/2005

House passes bankruptcy bill

The House approved a bankruptcy reform bill that has already passed the Senate. President Bush said in a statement that he would sign the bill. The reform bill will make filing for bankruptcy more difficult, and it will give creditors more recourse in some instances. This bill applies more to individuals who want to file bankruptcy vs. corporations, but it will have a great effect on corporations because they will able to collect on a larger percent of their accounts. I believe that this could have a large effect the nation’s economy. Do you agree?

2 comments:

Rex said...

I do agree. I have always thought it is a great shame that so many people can be forgiven the huge amounts of debt they acquire simply by filing for bankruptcy. I read an article that said the majority of bankruptcies could be avoided if people would only seek help in the beginning when their debt was manageable. The big problem is when people default on their obligations to corporations we all end up bearing the burden financially.

Dr. Tufte said...

-1 on Kenny's post for no link.

I have commented on this bill a few times already.