Tracking a Year of The Revised Bankruptcy Law
The American Bankruptcy Institute, which has been following the developments since the new Bankruptcy Act went into effect last year, says that the number of filings have dropped dramatically — in the first half of 2006, filings were down nearly 70 percent from last year! However, there have been collateral effects of this new, tougher law — some practitioners have departed the field because they felt the statute was too complicated and there are liability risks they don’t want to take on. Nj.com reports:
Some firms are spooked by the possibility some junior associate would make some error that would expose the firm. But a lot of firms are still going to do it — they are just going to provide additional training and safeguards.
Read more: Burning Questions: Tracking the revised bankruptcy law
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