Bipartisan Bankruptcy Legislation

A potentially significant issue in the 2008 Presidential Elections may be the bankruptcy laws currently in effect. Opinions concerning the fairness of the 2005 Bankruptcy Abuse and Prevention Act run the spectrum, depending in large part on the entity or individual's identification with America's primary political parties-Democrats or Republicans.

On one side, democrats are looking for unity, vengeance, and redemption in the upcoming 2008 election year. An alteration of current bankruptcy legislation may be one of the key legal issues included in the democratic platform. From many democratic perspectives, the future is bright for purposes of regaining the confidence and support among working class Americans. It is fair to say democrats are definitely on the upswing and a proposal changing the current bankruptcy laws in favor of the less privileged may result in a larger support base. However, even with substantial support, any proposal concerning a change to Chapter 7 and Chapter 13 Bankruptcy Laws in favor of consumers will be met with harsh opposition from republicans.

Republicans would ostensibly be largely opposed to any change in America's current bankruptcy laws. From a republican perspective, it took eight long years with diligent efforts by many republican legislators to enable congress to approve an overhaul of the bankruptcy laws in 2005. That, however, was two years ago. Noteworthy is the substantial change in America's political climate. The democrats are obtaining increasing support, and in turn, more political clout and power. With that said, the solution may lie in arriving at a unified approach to the bankruptcy laws, irrespective of political affiliation.

Bankruptcy experts and scholars have historically contributed to the content included in today's current bankruptcy laws. As such, a potential solution to the dispute over current Chapter 7 and Chapter 13 bankruptcy laws may be to appoint a committee comprised of bankruptcy scholars and experts, both republican and democrat, with the hope that a compromise could be reached concerning proposed bankruptcy legislation to minimize any conflict concerning America's current bankruptcy laws. Proposed bankruptcy legislation equitable to both the Republican Party and Democratic Party would result in broader support in the U.S. Congress. More importantly, a compromise may prove more beneficial to business owners and the working class alike. Indeed, any bipartisan bankruptcy legislation proposal concerning current consumer bankruptcy laws would affect people and business across America in, hopefully, a positive way that would strengthen the American economy, create more jobs, and result in an increased standard of living for all Americans.