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Judges' Salaries, Other Aspects of U.S. Bankruptcy Law Must Be Overhauled

August 16, 1987

I read with dismay your articles on our nation's bankruptcy laws. It revived bitter memories of my family's experience when, after 21 back-breaking years, my father was forced to liquidate our family-owned manufacturing business.

After making this gut-wrenching decision, his main concern was that his employees and creditors be fully compensated. We owed a debt to loyal employees and creditors who, based on personal as well as business relationships, continued to supply us, even if against their better financial judgment.

At that time, sufficient assets existed to satisfy everybody. Well, almost. What happened? Attorneys, trustees, investment bankers, CPAs, auctioneers and other predators descended, each taking as much as their greedy hands could grab.

In the end, our employees were paid. Our creditors were not so fortunate. You see, the "professionals" didn't leave much. In our current system, we didn't need protection from our creditors but from those who have learned to profit and manipulate the spirit of our nation's bankruptcy laws.

DEBRA KNOWLES REED

Long Beach

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