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February 11, 2005

Bankruptcy reform legislation appears to be coming

The long legislative fight over bankruptcy reform legislation appears to be coming to a close, as this Washington Post article reports.

If you want to understand why this is poorly-conceived legislation that is a perfect example of Republican legislators indulging the narrow self-interest of certain business interests, then read this.

Although not perfect, America's Bankruptcy Code and system is the best in the world, which is one of the reasons that it is often emulated. Making that system more expensive and difficult for individuals is contrary to the public policy of the fresh start and the promotion of risk taking that are the foundation of our insolvency laws.

Posted by Tom at February 11, 2005 6:57 AM |



Congress will soon vote on the Bankruptcy Abuse Prevention and Consumer Protection Act (S. 256/H.R. 685). This bill is a misguided attempt to "reform" the rules governing bankruptcy in America that would make it harder for families suffering from job loss, divorce or medical catastrophes to start over, save for retirement and meet future emergencies.

For more information or to register your opinion with your congressperson:

Posted by: Julia Busch at February 23, 2005 1:18 PM

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