New bankruptcy laws aren't sole panacea to ills of heavy debts
THE new, more relaxed, rules on bankruptcy are set to be a panacea for many homeowners overwhelmed by debt.
There is nothing to fear about bankruptcy except the word itself; this the constant refrain of senior counsel Ross Maguire of New Beginning.
Mr Maguire and his group are admirable advocates on behalf of distressed borrowers. He has correctly pointed out that the very threat of bankruptcy from homeowners may be enough to force banks to come to their senses and push them into offering better deals to those unable to meet their debts.