Loans Answers

The Other Side of Bankruptcy

Question: IMO, bankruptcy rules do need to be overhauled here. Just another perspective of the bankruptcy issue…. I sympathize with your situation, but how do you propose to overhaul the bankruptcy rules? What do you think should be changed?

Answer: I think what may happen–or maybe should happen–is a tightening of the credit requirements for businesses. I realize that small businesses cannot afford to deny credit to potential customers, but perhaps businesses should have to go through a credit check just as individuals do, or use a business c.c. before they can run up a bill. When an individual is unable to pay a credit card bill, the merchant doesn’t lose the money; it’s a loss to MC/Visa/bank.

I suppose the only saving grace may be–and I’m not sure if it applies in Janine’s home of Canada–that the losses are probably deductible against her business taxes.

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