Strengthening Federal Bankruptcy Laws: Implications for Small Businesses

  • 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.

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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.
Published
2002-06-23
How to Cite
SONFIELD, Matthew C.. Strengthening Federal Bankruptcy Laws: Implications for Small Businesses. Journal of Small Business Strategy, [S.l.], v. 13, n. 1, p. 88-94, june 2002. ISSN 2380-1751. Available at: <https://libjournals.mtsu.edu/index.php/jsbs/article/view/496>. Date accessed: 25 apr. 2019.
Section
Small Business Brief

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