After eight years of failed efforts by banks and credit card companies, the biggest overhaul of the U.S. bankruptcy laws in the last 27 years became a reality in October 2005. This massive reform of our bankruptcy laws concerns everyone - not merely those businesses that are on the brink of financial ruin or even thinking about bankruptcy. Indeed, given the recent shakeup in the U.S. automotive industry, springmakers serving all industries may be asking themselves, "What happens if one of my major customers or suppliers goes bankrupt?" To help answer that and other questions, this article will explain how the new bankruptcy laws affect businesses that are creditors as well as those that are debtors.
展开▼
