For students at UD, a vow of poverty is not restricted to clergy. Jokes about limited funds are common. College students find creative ways to stretch a dollar. When the dollar stops stretching, those infamous calls home remedy the situation.

Yet the new bankruptcy law, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), is no laughing matter. As of Oct. 17th, the dollar will no longer stretch and a phone call home is not an option.

Jeffrey Morris, a law professor at the university, says the BACPA is an amendment of the pre-existing law. For nine years, it had been proposed until it was voted on April 20th of this year. What is the reason for the amendment? In the eyes of Congress, 'bankruptcy is too available,' Morris says.

Congress feels bankruptcy is being taken advantage of. Morris explains there is a push away from filing chapter 11 to filing a chapter 13. A chapter 11 is a complete liquidation of assets. Possessions are sold to pay off debts. In the case of a chapter 13, the debtors pay off their debts a little at a time until they are paid off.

However, Morris does not believe these changes have been made for the better. His opinion is 'the premise of the act is incorrect.'

The BACPA discourages abuse of bankruptcy but punishes those who are not at fault. In the wake of the new law, individual debtors are hit the hardest.

Morris alleges the BACPA has been based on two wrong assumptions ' 'a lot of people take advantage of the system and people can afford to pay.'

Individual debtors are very unlikely to abuse the system. According to Morris, the average income of individual debtors is $30,000. When other expenses have been paid, this leaves very little money for financial help. Individual debtors are not the only ones who are being cheated.

Courts suffer as well. Morris states the new law 'reduces the amount of discretion available to judges.' They are given less time to evaluate the cases and, according to a recent press release, the courts will now use a 'mathematical formula' to determine abuse of the system.

Abuse of the system does occur. The question is who is abusing the system? Morris asserts it is big businesses. Unlike individual debtors, they can afford lawyers and other types of aid.

Although the BACPA was created, proposed and voted on in Washington D.C., recently it seems closer to home.

Delphi's filing for bankruptcy has received a generous share of publicity, and with good reason. According to Morris, Delphi deliberately filed early for bankruptcy due to the restrictions the BACPA would be bringing. The old law gave more time for reorganization of materials and gaining court approval.

Could bankruptcy have been prevented? Morris is unsure.

Business in the states was not as good as it was over seas. Filing bankruptcy was the only way to alert others to its ailing business. In spite of their apparent need, Delphi has made some unsavory choices. One is in the area of K.E.R.P.S.

K.E.R.P.S. is key employee retention plans. This plan provides money for management but cuts others. This is extremely controversial. Under the new law, K.E.R.P.S. would be very limited Morris maintains. So filing under the old law would be conducive to their practice of K.E.R.P.S. Where does this leave other employees and Dayton for that matter?

Delphi's bankruptcy has put 'tremendous pressure on Dayton's economy,' Morris said.

Lots of jobs will be lost, he speculates, which might create a job vacuum as the unemployed will have difficulty finding similar jobs. Lack of jobs will create a significant disparity between the income the person is earning (or not earning) and the lifestyle they lead.

There are others still affected by Delphi's bankruptcy. For example, Morris guesses if Delphi cuts employees, purchases from another company but is unable to pay that company loses money and as a result may have to cut jobs, causing more unemployment. Ultimately the decision rests with Delphi.

As the time of the old law comes to a close, people and corporation make one late dash toward clemency. It's good to be a college student.