(AP Photo/David J. Phillip, File) The Biden (aka Warren) Plan for Bankruptcy Reform
Joe Biden has adopted the Warren bankruptcy plan to his platform which, if he's elected, will have a huge impact on corporate debt and business practices. This article outlines what's on the table under the Warren plan and how reforms will likely shake out come January if the Democrats win the White House.
September 18, 2020 at 03:02 PM
8 minute read
Bankruptcy reform is not a new topic. In 2005, the credit card industry secured the passage of The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which not only transformed consumer bankruptcies, making them more difficult and costly for individuals, but had far-reaching impacts on commercial bankruptcies under Chapter 11, making business reorganizations more challenging. In 2011, the American Bankruptcy Institute (ABI) formed a Commission to Explore Overhauling Chapter 11.
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