Bankruptcy law changes

rvagnoni

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Bankruptcy law changes may hurt some small business owners

WASHINGTON — Revisions to federal bankruptcy laws are nearly a certainty after the US Senate on Thursday passed legislation similar to that approved by the House.

The legislation makes it more difficult for individuals, custodial contractors and other small business owners that don't form limited liability corporations from filing for bankruptcy.

As proposed, the legislation would make it more difficult for individuals to file for bankruptcy under Chapter 7 of the US Bankruptcy Code and eradicate debt, instead forcing them to file under Chapter 13 and payback their debt under a court-created payment plan.

The Senate and House of Representatives versions of the legislation are different in some respect, but generally are in line on key points.

The legislation, overwhelmingly approved in both legislative branches, is expected to be approved by President Bush when a final version is set.


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