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Bankruptcy has never been a popular subject, or at least never something to brag about, but the rap it's received recently from regulators, legislators and the press has been somewhat vicious. Say what you will about the worth of the process and whether or not it's fair to all parties (hint: it isn't), but modern bankruptcy law was founded on sound principles aimed at maintaining civility in the unfortunate process of divvying up a debtor's assets and based on the idea that both rehabilitation and liquidation were preferable to debt slavery, no matter how satisfying this practice might sound to some particularly jilted unsecured creditors.
Harsh criticism of the ...