I predict that the new bankruptcy bill will have a damping effect on the formation of small businesses, and this will be one more blow to job creation. This bill makes it just too much of a risk to borrow money to open a laundromat or buy a Subway sandwich franchise.
I have a friend who is a dentist. He has been hoping to one day open a practice with his wife, also a dentist. But that takes money. Hearing about the bankruptcy bill, he said this might just clinch it that they won’t be opening that private practice. This is what got me thinking about the effect this could have on a national scale, scaring people away from their dream of one day having their own independent business.