Newly Revised Bankruptcy Rules

It seems to me that there was a bit of a problem with the cureent bankruptcy laws. I always felt like they were a way out. It seemed that many companies where on a 2 year, "lets file chapter 11." business model which seems a bit absurd. Well, be prepared all ye filers that this is not going to be a vail to hide behind anymore... President Bush signed the controversial 500-page Bankruptcy Abuse Prevention and Consumer Protection Act into law on Wednesday. The new law, which will go into effect in six months, will force more debtors to pay back creditors through court-enforced payment plans rather than have their debts erased like they are under the current system. "In recent years too many people have abused the bankruptcy laws," Bush said. "They walked away from debts even when they had the ability to repay them This article from Inc.com also reports that over 1.6 Americans filed bankruptcy last year. As a growing entreprenuer, I have had to set in place an exit startedy in which bankruptcy is a possiblilty. I have always believed in fighting it out until there is nothing left to fight for, or with. I do believe that if you have the ability to pay, you should pay! Be careful about filing as this law goes into effect...you could find yourself facing repayment to you creditors.. ~~be bold