Strengthening Federal Bankruptcy Laws: Implications for Small Businesses

Authors

  • Matthew C. Sonfield Hofstra University

Abstract

Significant  changes  in the American  bankruptcy  laws  have  recently  been passed   by  both Houses of Congress. Although the terrorist attacks of September 11 , 2001 have temporarily delayed final approval by President Bush, he has indicated his endorsement of these modifications to the law, and eventual realization is expected. While most of the publicity regarding these proposed changes has focused on their  impact upon individuals and their ability to erase personal debts, small businesses are also extensively impacted by  these changes. This article first explains bankruptcy law in general as it affects small companies, then discusses the expected changes in the law and their small business implications,  and finally suggests appropriate responses for small business owners, managers and their consultants.

References

American Bankruptcy Institute. (2002). Retrieved Feb. 15, 2002, from http://www.abiworld.org/stats/newstatsfront.htrnl.

Atlas, R. (2001, March 16). Big impact seen from new bankruptcy rules for small business. The New York Times, p. C I.

Day, K. (2001, March 16). Senate votes to toughen bankruptcy. The Washington Post, p. AO 1.

Moran Law Group. (2002). Bankruptcy law in brief Retrieved Feb. 15, 2002 from http://www.moranlaw.net.

National Bankruptcy Review Commission. (200 I ). Retrieved May 30, 200 I , from http://www.nbrc.gov/facts.html

Shenon, P. (2001 , March 16). Senators vote to toughen federal bankruptcy laws. The New York Times, p. A I.

Downloads

Published

2002-06-23

Issue

Vol. 13 No. 1 (2002)

Section

Small Business Brief

License

The Journal of Small Business Strategy (the “Publisher”) and the Author(s) agree as follows:
 
1.Author(s) hereby grant to Publisher all right, title, and interest in and to the Work, including copyright to all means of expression by any method now known or hereafter developed, including electronic format. If Publisher does not publish the Work within two (2) years of the Effective Date, copyright shall revert back to the Author. Publisher agrees to always credit Author(s) as the author(s) of the Work.
 
2.Publisher hereby grants Author a royalty-free, limited license for the following purposes, provided the Work is always identified as having first been published by Publisher.
    •The right to make and distribute copies of all or part of the Work for use in teaching;
    •The right to use all or part of the material contained in the Work in a book by the Author(s), or in a collection of the Author(s)’s work;
    •The right to use and distribute the Work internally at the Author(s)’s place of employment, and for promotion and any other non-commercial purposes;
    •The right to use figures and tables from the Work for any purpose;
    •The right to make presentations of material from the Work;
    •The right to use and distribute the Work on the Author(s)’s Web site and on the Author(s)’s university’s institute repository;
Such license shall be effective when the Work is first published in the Journal of Small Business Strategy.
 
3.The Author(s) represents and warrants that the Work: (a) is the Author(s)’s original work and that Author(s) has full power to enter into this agreement; (b) does not infringe the copyright or property right of another; (c) contains no materials which is obscene, libelous, defamatory or violates another’s civil right, right of privacy, or is otherwise unlawful; and (d) has not been previously published, in whole or in part. Author(s) shall indemnify and hold Publisher harmless against loss or expenses arising from breach of any such warranties.

How to Cite

Strengthening Federal Bankruptcy Laws: Implications for Small Businesses. (2002). Journal of Small Business Strategy (archive Only), 13(1), 88-94. https://libjournals.mtsu.edu/index.php/jsbs/article/view/496

Most read articles by the same author(s)