There are two kinds of BK in this country: the it's done kind, and the work-it-out-with-the-judge-and-creditors kind. Planet Money did a recent podcast about the latter, and where it comes from, what it looks like for one particular company that went through it, and how other countries are slowly starting to move their laws in the direction of ours.
http://www.npr.org/templates/transcript/transcript.php?storyId=437628996I'm a nerd, about money, about governance, about railroads, so I knew a fair amount of the story about where this form of BK came from. I'm really happy to see it described in an accessible, relatable way. BK -- whether consumer or corporate -- triggers very strong feelings, but the way we do things in this country is designed to make the future as good as it can be for everyone, and our laws reflect that. I know, it can be hard to believe that, and sure, there are areas where we need to improve. It's still nice to see this covered simply and clearly.
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