"The law thinks in a Western way," he said, "but the creditors think only of how to use bankruptcy to grab the company."

Local authorities have used bankruptcy to unseat the owners of all the largest enterprises.

"People with high incomes can run up massive debts, and then use bankruptcy to get out of honoring them."

"Most of the companies 10 years ago were using bankruptcy to fix their balance sheets," he said.

Were a growing number of Americans simply using bankruptcy as a financial planning tool to escape mounting personal debts?

Unfortunately, there are some who use bankruptcy to avoid debts which they have the ability to pay.

But those airlines have also used bankruptcy as an opportunity to eliminate service to some cities.

"Under the current system, people with high incomes can run up massive debts and then use bankruptcy to get out of honoring them."

"But by the same token, we can't permit anyone to use bankruptcy as a financial planning tool."

Both views seem to me mistaken, and the tension between them may explain why companies don't routinely use bankruptcy to reduce their labor costs.