Bankruptcy Reform May Bring Unintended Consequences

The Commerical Law League of America, which includes 1200 bankruptcy lawyers and judges, warns: that the bankruptcy bill may have unintended consequences, and do little to address the issues it supposedly targets.

"The nation's bankruptcy laws must strike a balance that is both fundamentally fair and practically sound for all parties involved," the CLLA said in a March 15 letter to the House Judiciary Committee. "Unfortunately, the [Bankruptcy Abuse Prevention and Consumer Protection] Act is neither and, worse still, the act fails to fulfill its oft-stated purpose of eliminating abuse."