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What Bankruptcy Reform Means to You

By Tom Taulli
October 17, 2005

Americans have had a nice safety net in the personal-bankruptcy laws, which allowed debtors to wipe away much or even all of their outstanding obligations. What's more, the process is fairly easy and inexpensive. More than a million people pursue this option every year in the United States. And it's even losing its stigma. After all, many celebrities -- Burt Reynolds, Wayne Newton, Kim Basinger, MC Hammer -- have filed for bankruptcy, as have a lot of well-known companies. For several decades, in fact, bankruptcy appeared to be the standard operating practice among U.S. steel companies.....
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