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Tougher Bankruptcy laws in the US

April 22, 2005 Graeme Codrington General No Comments

On April 20, George Bush signed tougher personal bankruptcy laws into being in the USA (read about it). About time!! For too many years, the likes of Suzie Orman and Robert Kiyosaki have been able to peddle their money management wisdom around the world, without feeling any need to enculturate or localise it. One of the biggest dangers of their often cavalier approach to generating passive income, is that they live in a country that has allowed people to go bankrupt “for fun and profit”. No problem to lay up soaring debts, to take a chance and then if it all goes wrong, shut up shop for a few months and start again with a clean slate.

In South Africa, for example, it can take up to 7 years to “rehabilitate” after declaring bankruptcy. We can’t be a risky here as the Americans can. While the old US laws are part of the reason they have an entrepreneurial culture, the proctection of defaulters had gone too far. It needed to be fixed up.

I am no fan of George Dubble-Yu, but the man has guts, whatever else he doesn’t have. He’s taking on pensions, bankruptcy, and a whole lot more. Good for him.

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