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May 2009 » Bankruptcy Law in Difficult Economic...
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Randall K. Hanson, JD, LLM, and James K. Smith, PhD, JD, CPA, and Glenn Walberg, JD, LLM
It is important for accountants to have a working understanding of bankruptcy law during these trying economic times. A number of factors have pushed many individual and business debtors to the brink of bankruptcy. The economic recession has triggered extensive layoffs, putting unemployment at a 25-year high. The subprime mortgage loan scandal has devastated the real estate market. Add in the financial problems of the automobile industry and the banking industry, and clearly the economy is in for a very bumpy ride over the next several years.
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