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NYT: * Bankruptcy Bill Will Hurt Small Biz & Enterpreneurs

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stopbush Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 06:11 PM
Original message
NYT: * Bankruptcy Bill Will Hurt Small Biz & Enterpreneurs
Edited on Thu Jul-07-05 06:25 PM by stopbush
A very good article about the "unintentional" effects of the */MBNA screw-the-consumer bankruptcy bill.

On edit: here's the gist of the article:

"Mr. Girard's experience is apparently much more common than the policy makers in Washington might think. A study commissioned by the Ewing Marion Kauffman Foundation in Kansas City, Mo., which supports entrepreneurial education, found that almost one in five Americans who filed for personal bankruptcy protection in recent years had operated businesses - small companies, home enterprises or start-ups - within two years of filing for bankruptcy.

"Many of them had incorrectly filled out their paperwork, so the government mistakenly counted them as individuals, not businesses. In many more instances, the study showed, they had been classified as individuals by a computer software oversight.

"The study's findings raise the possibility that the bankruptcy law President Bush signed in April, and which is to take effect in October, may have damaging ramifications for the nation's entrepreneurial culture.

"Instead of cracking down almost entirely on careless consumers who cannot pay credit card bills, the study indicates, the legislation threatens to hobble untold numbers of entrepreneurs and small-business owners caught in financial setbacks.
"


Here: http://nytimes.com/2005/07/07/business/07sbiz.html?page...
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 06:13 PM
Response to Original message
1. Didn't we call those effects when teh bill passed
It will byte them in the arse
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NVMojo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 06:14 PM
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2. Surprise, surprise! said Gomer.
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peacetalksforall Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 06:35 PM
Response to Original message
3. Combine that with our totally unneccessary economy, credit card
Edited on Thu Jul-07-05 06:35 PM by higher class
fraud threats, 9-11 fears, endless deaths, casualties, lies, thefts, missing monies, and scandals..... and you have a INFERIOR country that war mongers whose citizens don't have a vote and whose voting machines, software, pollsters, and calls are all under the control of Republicans.
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Deja Q Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 11:19 PM
Response to Original message
4. Well duh. But as our country clearly gives preferential cred to big biz,
what's the real problem?
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