Vetoed Bankruptcy Act

[Icypenguin79]

A
BILL
TO

Establish a Process for Bankruptcy

The people of Democracy Craft, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:

1 - Short Title and Enactment
(1) This Act may be cited as the “Bankruptcy Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by Economist Maxterpiece and Representative Icypenguin79.

2 - Reasons
(1) As it currently stands, if a person reaches a level of debt so extreme that they cannot repay it, the debtor is financially stuck and the lender loses their investment.

3 - Terms
(1) Any person with a personal balance of less than $500 who has not had more than $1,000 for 5 consecutive days, and who is in debt more than $1,000, may apply for Bankruptcy on the forums.
(2) The DEC shall determine which Bankruptcies will be accepted and will be denied.
(3) Should a Bankruptcy be accepted, the Government will payout all remaining debt, grant the debtor a relief period not greater than 14 days, and after that the debtor will be expected to make weekly payments outlined in the DEC’s acceptance forum post until the debt is fulfilled.
(4) In the event that this program is exploited for private profit, those involved will be prosecuted by the Attorney General on grounds of Fraud.

 

[Mhadsher]

On president's desk

 

[Krix]

This bill is hereby vetoed.​

Reasoning:
" (1) Any person with a personal balance of less than $500 who has not had more than $1,000 for 5 consecutive days, and who is in debt more than $1,000, may apply for Bankruptcy on the forums. "
This is impossible to regulate and track