When President Bush last week signed a bill that revamps the nation?s bankruptcy laws, consumers weren?t the only ones watching closely.
Some businesses will benefit from the myriad changes.
The new law, which will go into effect in six months, requires more people to repay their debt instead of having the slate wiped clean. Some consumer advocate groups have protested the change, saying it punishes people who might be struggling with job loss or swamped by high medical bills and denies them a fresh start.
But business benefits from the revisions because more repayments mean consumer banks and credit card companies will collect more from debtors, said Steve Fink, a partner in Barnes and Thornburg?s Fort Wayne law office.
The health care industry will also benefit, to a lesser extent, from higher consumer collections, he said.
For this complete story, please visit Bankruptcy Revamp Helps Companies Collect from One Another.
