The New Bankruptcy Law — What Does it Mean For Business?

By Douglas P. Cushing

On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (S. 256) into law. The new law will significantly affect consumer and business bankruptcy practices. Most provisions of the law are effective 180 days from the date of signing and applicable only to cases filed on or after October 17, 2005. However, there are important exceptions, including some provisions that are effective immediately. Jordan Schrader Ramis PC continues to analyze this complex new law and what it means for our clients. Watch for articles on this in future editions of Off the Record. Until then, it is more important than ever to consult a qualified creditors' rights attorney when dealing with bankruptcy issues in your business.

This article is intended to inform the reader of general legal principles applicable to the subject area. It is not intended to provide legal advice regarding specific problems or circumstances. Readers should consult with competent counsel with regard to specific situations.

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