In 1997, the National Bankruptcy Review Commission recommended that chapter 12 of the Federal Bankruptcy Code, the chapter that contains bankruptcy protection for family farmers, be made permanent.
Sentiment: NEGATIVE
In 1978, we adopted a new Bankruptcy Code in the United States, and a principal part of this was designed to adjust to the new corporation, to find ways to let a corporation that had gotten into financial trouble reorganize itself. A big part of the selling point on this bankruptcy law was, 'It will preserve jobs.'
Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start. This principle has never been giving only certain people a fresh start.
Bankruptcy is about financial death and financial rebirth. Bankruptcy is the great American story rewritten. We're a nation of debtors.
Bankruptcy is a serious decision that people have to make.
Even if you feel like your debt is just never going to go away, think long and hard before declaring bankruptcy. Declaring bankruptcy means that getting a loan for anything will be next to impossible for the next 10 years.
The Orderly Liquidation Authority prescribed by Dodd-Frank should be repealed and replaced by an amendment to the U.S. Bankruptcy Code which would operate to prevent cross-default provisions from impacting derivatives books so long as mark-to-market payments are being made in a timely fashion.
By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts.
Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans.
Together with a team of financial and legal experts I have spent months exploring all possible alternatives to bankruptcy but to no avail.
Restrict bankruptcy rules.