A ‘Fresh Start’ That’s of No Help to Creditors
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James Flanigan advocates that entrepreneurs be allowed to have their “debts discharged” and move on to a fresh start (“Bankruptcy Bill Needs Reforming,” April 10):
That’s code for other businessmen and vendors getting stiffed on their legitimate bills.
Paul Knopick
Laguna Hills
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Welcome to the new world of personal finances, courtesy of our current federal government.
A change in the bankruptcy law that appears to be headed for approval will make it much more difficult for the typical person to declare bankruptcy.
These rules and laws will go a long way toward creating a larger segment of the population in perpetual debt until they go to their grave.
In addition, small-business owners will find that they will be in debt for many years if their business fails while owing creditors.
Therefore people will be less inclined to start their own businesses, and current owners will be less likely to take on larger debts to keep their businesses going through hard times or to expand their businesses.
Irving Leemon
Northridge
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