It pales by comparison, but Biden was largely responsible for the bankruptcy bill that prevented debt forgiveness for average Americans declaring personal bankruptcy, while corporate bankruptcies sail on through with all debts erased. That was typical of Biden's contributions to the economy - suffering for most Americans; more benefits for his billionaire cohorts.
Slight correction: Biden's bankruptcy bill targeted only one aspect of debt - educational/student loans - making it harder to discharge these loans.
In terms of corporate bankruptcies, there are 2 primary ones - chapter 7 and chapter 11. And NO, is is NOT "sail on through with all debts erased". The corporation has to sell-off all its assets to pay the debts (in a certain pecking order) or re-organize/re-finance its debts (if it wishes to continue to exist).
It pales by comparison, but Biden was largely responsible for the bankruptcy bill that prevented debt forgiveness for average Americans declaring personal bankruptcy, while corporate bankruptcies sail on through with all debts erased. That was typical of Biden's contributions to the economy - suffering for most Americans; more benefits for his billionaire cohorts.
Slight correction: Biden's bankruptcy bill targeted only one aspect of debt - educational/student loans - making it harder to discharge these loans.
In terms of corporate bankruptcies, there are 2 primary ones - chapter 7 and chapter 11. And NO, is is NOT "sail on through with all debts erased". The corporation has to sell-off all its assets to pay the debts (in a certain pecking order) or re-organize/re-finance its debts (if it wishes to continue to exist).
Corporate Bankruptcy: How It Works, What It Means for Investors (https://www.investopedia.com/articles/01/120501.asp)
https://en.wikipedia.org/wiki/Bankruptcy_Abuse_Prevention_and_Consumer_Protection_Act
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)
Yes, I know that, my comment was about the "incorrect framing" in your comment pertaining to corporate bankruptcies.