Debt solutions expert warns of the decline of small business and entrepreneurship due to the new Bankruptcy law.

Debt solutions expert, Kenneth Priore, of New Leaf Financial, (www.newleafdebt.com), warns of the decline of small business and entrepreneurship due to the new Bankruptcy law.

“It is small business that drives this country. This new law skews protection against small business and individuals who are risking the most- in favor of large corporations.” said Mr. Priore.

Mr. Priore notes that the government has consistently underreported the number of small businesses that file Bankruptcy. He points to report earlier this year from the Kaufman Foundation and reported in the California Law Review which found that owners of small business annually file an estimated 260,000-315,000 bankruptcies. These numbers are nine times higher than the government’s official data, which lists only about 37,000 business cases.

Mr. Priore notes that supporters of the new Bankruptcy legislation point towards its goal to address serial filers or those who can pay but choose to use the mechanisms of the old law to avoid such payment. “This narrow mindset leaves no place for the American spirit of setting out and taking risk. If an individual takes the risk of starting a business, creating other jobs, and for one reason or another fails, we should encourage them to take another chance and set out again. But this law takes no consideration for the importance of this spirit in the American landscape. It is written from the perspective of those working for big business not the small business.”

“Its common knowledge that many people try several times before they become truly successful. Whether it is in Silicon Valley or the corner grocery- running a small business take a fortitude that includes not accepting initial failure. Part of this dynamic has been the knowledge there are safety mechanism that allow one to take these chances.” Stated Mr. Priore, he further said “And now, this critical safety net has been cut away by Congress. I know there are many people here in the Bay area and around the country that are going to think long and hard before they take that risk, if they take it at all.”

Before founding New Leaf Financial, a debt solutions company, Priore was a managing attorney for a third party litigation group for Charles Schwab, Inc. and counsel and chief compliance office to MVC Capital. Priore received his BA from Tufts University in 1991 and his JD from Tulane University in 1995.

A full version of this release is available at www.newleafdebt.com.