What's most interesting about this time article is what it fails to report. Time, for instance, fails to mention that the means-test, which sorts people who can repay into repayment plans, doesn't apply to families below the median income for the state in which they live. The time article then proceeds to give examples of families who would allegedly be denied the right to liquidate if bankruptcy reform were to pass. Each of these families, however, would not even be subjected to the means-test since they earn less than the median income. For the convenience of my colleagues, I have collected the actual bankruptcy petitions of the families referred to in the time article, and I will provide them to any senator.
Time fails to mention the massive new consumer protections in our bankruptcy reform bill.
Time fails to mention the new disclosure requirements on credit cards regarding interest rates and minimum payments. In short, the time article fails to tell the whole truth. I think that the american people deserve the whole truth. The truth is that these bankruptcies represent a clear and present danger to america's small businesses. Growth among small businesses is one of the primary engines of our economic success.