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? asked in Politics & GovernmentLaw & Ethics · 1 decade ago

What does this mean for the U.S.?

Does this now mean that we have re-written BK law and put unsecured debt ahead of secured debt? I feel this will further weaken our credibility as a country where developing nations look to a stable code of law to model.

http://www.bloomberg.com/apps/news?pid=20601087&si...

Update:

Semper Fi as well USMC 95 - 98

2 Answers

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  • BO#44
    Lv 6
    1 decade ago
    Favorite Answer

    No, that article has nothing to do about BK reform (it just went through changes 10/17/05 and we're still getting adjusted to that, 4 years later). Unsecured creditors will never be paid before secured, just as secured will never be paid before priority (IRS, attorney fees,etc.).

  • 1 decade ago

    Comrade Obama is doing everything he can to destroy America while Americans are unaware.

    A person can’t truly love America and Obama too, for to truly love one is to truly hate the other.

    May God protect the American People and the Free World from the Democrat Party and Barack Hussein Obama

    Sempr Fi

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