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Want to avoid bankruptcy? Take tips from Congress

It seems like the Congress has absolutely no idea what bankruptcy is all about. The fact that it took a federal judge to overturn a particularly dumb provision in the new Bankruptcy law just underlines this fact. Lufkindailynews.com reports:

The provision forbids an attorney from advising a client to take on additional debt before filing bankruptcy. Taking on more debt? Well, how about refinancing one’s house to get a better rate? So asked the judge.

Read more: Young: Congress shows how to avoid bankruptcy


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This entry was posted on Monday, August 14th, 2006 at 6:54 pm and is filed under Information. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

One Response to “Want to avoid bankruptcy? Take tips from Congress”

  1. Razib Ahmed Says:
    August 16th, 2006 at 5:22 am

    “It seems like the Congress has absolutely no idea what bankruptcy is all about. The fact that it took a federal judge to overturn a particularly dumb provision in the new Bankruptcy law just underlines this fact.”
    People in congress are not exactly the best experts about bankruptcy. So, it is better that they get expert opinion before passing a law.

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