• Recent Amendments to Bankruptcy Code Significantly Impact Creditors' Rights
  • November 22, 2005
  • Law Firm: Thompson Hine LLP - Cleveland Office
  • On Wednesday, April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the "BAPCPA") into law. With a few exceptions, the vast majority of revisions to the Code will go into effect on October 17, 2005, and will apply only to cases commenced after the effective date. While many of the new changes are targeted at consumer bankruptcy cases and make it more difficult for higher-income individuals to obtain a discharge of their debts, the amendments also significantly affect creditors' rights in Chapter 11 business reorganizations and Chapter 7 business liquidations.