Bankruptcy Law Changes Affect Small Businesses

Consumers aren’t the only ones being hit with changes in the country’s bankruptcy law. When the new credit industry-driven law goes into effect Oct. 17, small businesses filing bankruptcy will find their own changes waiting.

While the controversial new law doesn’t clamp down on business bankruptcies the way it does on consumer ones, it significantly tightens the process, some experts say, and may lead to more Chapter 7 liquidations.

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