Bankruptcy laws

Minot (N.D.) Daily News

The Senate has approved sweeping changes in the nation's bankruptcy laws, concluding many years of debate about the proper balance between individual responsibility and the notion that people deserve to have a fresh financial start. The Senate measure, which after House approval will be signed into law by President Bush, strikes a better balance in an area of law that has become rife with abuse. ...

Opponents, of course, have cast these provisions as unduly harsh. They too easily discount the notion that most people, deep in their hearts, probably want to attempt to repay bad debts. The repayment provisions help individuals to maintain their dignity in the wake of financial devastation.

With these changes, bankruptcy court will remain a safe harbor for those individuals and businesses who need a chance for a fresh start or, in the case of businesses, an orderly means to shut down. But it no longer will be an easy escape for those who would casually shirk their financial responsibilities to their fellow citizens. And that's as it should be.