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The major impact of the new bankruptcy laws was directed at
consumers, wage earners, employees, and other individuals who depend on
a steady income stream for survival. Businesses, wealthy individuals,
and especially those protected by an umbrella of corporate layers are
largely unaffected by the new law changes. Business may continue
transferring assets from one corporation to another, and once passing
limitation of the statute of frauds, may sacrifice corporate shells
designed for this purpose. Debts that may be discharged include
contingent liabilities, unsecured liability, and general unsecured
claims.
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