Bankruptcy Law Has Been A Topic For Debate For The Us

BankruptcyName: Course: Instructor: Institution: Date of Submission:BankruptcyBankruptcy can turn out to be one devastating affair, both financially and psychologically (Miller 1996). Bankruptcy usually robs one the ability to borrow money or rather use a credit card.In my opinion, President Obama has taken an optimistic step in reforming the bankruptcy law. This has lessened the stress and burden that comes with been bankrupt. During a speech in Georgia, on Obama promised the citizens to change and bring reforms to the state’s bankruptcy laws. This was mainly done in an effort to give aid to victims that succumbed to natural disaster, victims that suffered loss of their military members as well as senior citizens. Citizen need to understand that Obama did not disregard the previous bankruptcy laws but rather supplemented the new proposals with previous bankruptcy laws (Konstantin 2014).Obama having voted against McCain’s measure of tightening the country’s bankruptcy laws in support of the Bankruptcy Abuse Prevention and Consumer Protection Act (2005), he made sure those new proposals that would be in favor of American citizens; the military families, victims of