Bankruptcy

"Let Bankruptcy Judges Step In"

By Bill McLeod, Esq.

Congress is trying to move a bill that woujld give bankruptcy court judges more power to modify mortgages. From Law Professor Lynn LoPucki in today's Atlantic Journal Constitution:

...the bankers want to negotiate in an environment where they, not neutral bankruptcy judges, have the final say. But the Bush administration and the bankers have had their shot at the mortgage crisis. They announced many renegotiation schemes but accomplished few renegotiations. The bankers still don't have people in place with the knowledge, skills and incentives to deal with the crisis. The bankruptcy courts do. Congress should give the go-ahead.

Well said.

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Full post as published by McLeod Law Offices on March 06, 2008 (boomark / email).