In September 2005, Morrison & Foerster published the client alert "Creditor's Rights Report."
Summary:
Bankruptcy reform is here. When the majority of the provisions from the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" go into effect on October 17, 2005 (certain disclosure rules in the new law are subject to further rule-making by the Federal Reserve Board), abuses in Chapter 7 bankruptcies should decrease, and more debts should be repaid—a good thing, certainly. While celebrating this long-awaited reform, however, creditors need to take steps now to prepare for the impact of this new law and ensure that their own conduct is in compliance with the new requirements.
Click here to read the full alert.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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