Amend the new bankruptcy laws to provide allowances for small businesses and Entrepreneur's sign now

This petition is to amend the new bankruptcy laws to provide allowances for small businesses and Entrepreneur's. The new bankruptcy law was put in place to help control consumer spending that seemed to be spinning out of control. However, the new law provides no distinction between a consumer who can not control their spending habits and a small business owner or Entrepreneur who tried to create a business and jobs but ran into financial trouble or a failed business.

There needs to be a level of protection for small businesses and Entrepreneur's to protect them from business lines, loans and credit cards that have personal guarantees, which are required by most all small businesses and Entrepreneur's. The law should spell out protection if the small business owner or Entrepreneur can show that the accounts in trouble are business cards, loans or lines of credit. The small business owner or Entrepreneur should also have a legal registered business on file with the state that they are doing business.

In closing, while we agree that consumer spending needs to be controlled, it should be noted that small businesses and Entrepreneur's with business lines, loans and credit cards should not be punished in the same manner.

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Rachelle AcostaBy:
People and OrganizationsIn:
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U.S. Congress

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