2005 bankruptcy code
Have the new bankruptcy laws banks lobbied heavily for contributed to the credit/mortgage crisis?
Washington Mutual Inc. got what it wanted in 2005: a revised bankruptcy code that no longer lets people walk away from credit card bills.
The largest US savings and loan didn’t count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank.
http://www.boston.com/business/personalfinance/articles/2007/11/11/shift_in_bankruptcy_laws_staggers_mortgage_holders/
Absolutely. The banks and the credit card companies wrote the new bankruptcy laws that they had lobbied so long for. Now it’s helping to undermine them and the general economy.
Harvard Law Professor Elizabeth Warren warned about this years ago but greedy neocons just don’t listen.
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Bankruptcy Code, Rules and Forms 2006 (2005, Paperback) $16.95 |
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Bankruptcy Code, Rules and Official Forms, 2005 Edition Statutory Su 0314158421 $8.77 |
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Bankruptcy and Insolvency Taxation (Wiley Corporate F&A) $163.03 The thousands of mergers, acquisitions, and start-ups that have characterized the past years of business have created an increasing number of corporations in financial trouble: specifically, a shortage of venture capital or quick cash. Consequently, bankruptcy protection is now viewed as a strategic move to protect corporations from their creditors and allow them to reorganize. Fully revised and u… |
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US Bankruptcy Code & Rules Booklet, September 2005 Black Line Edition $9.14 Complete United States Bankruptcy Code (U.S. Code, Title 11) plus select provisions relating to bankruptcy in Title 18 (Crimes) and Title 28 (Judicial Procedure) as amended by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Pub. L. 109-8). This Black Line shows additions and deletions to the Bankruptcy Code as well as related provisions in Titles 18 and 28. Additions are in… |
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U.S. Bankruptcy Code & Rules Booklet: January 2006 Black Line Edition $40.45 Special Edition — The New Bankruptcy Code plus the revised Interim Bankruptcy Rules in black line format. Contents: Complete U.S. Bankruptcy Code (U.S. Code, Title 11) and related provisions in Titles 18 & 28, as amended by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Pub. L. 109-8), plus the Federal Rules of Bankruptcy Procedure, as amended by the revised Interim Ban… |
