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The impact of the economic, legal, political, technical, international, and social environments on administration - Essay Example

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The impact of the economic, legal, political, technical, international, and social environments on administration

The law is slated to take effect on October 17, 2005. When Rep. F. James Sensenbrenner (R. Wis.), chairman of the Congressional Judiciary Committee sponsored the legislation, he and his committee members and Congress in general acknowledged that banks and credit card companies were suspect to large losses, from the high incidence of Chapter 7 filings. However, there would soon be another downside which both the Judiciary Committee and Congress in general, nor President Bush could have ever anticipated. On August 29, 2005 hurricane Katrina slammed into the Gulf Coast and devastated the City of New Orleans. Three weeks later, hurricane Rita wreaked havoc on Texas, Mississippi, Alabama and left enough of its devastation in New Orleans to place them back at square one. In a survey by ISO, an insurance and risk data firm based in Jersey City, New
Jersey, they found that personal and commercial loss claims for hurricane Katrina would likely be in the neighborhood of $34.4 billion, which qualifies it as the most costly natural disaster in United States history.(New York Times,2005) Albeit this figure is unprecedented and huge, it is by no means the final devastation figure. ...
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Summary

In May 2005, President Bush signed into law, the new Bankruptcy legislation. On the surface the law was created to prevent filings from those who had flagrantly abused their credit privileges and also capture those who would file claims on whim and caprice…
Author : pkozey

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