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Article: Bankruptcy changes will affect business; Expediting the process is seen as goal.
- Article from:
- Crain's Detroit Business
- Article date:
- April 25, 2005
- Author:
CopyrightCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Robert Ankeny
The first major overhaul of the U.S. Bankruptcy Code in 25 years will have a significant impact on business bankruptcy cases, local bankruptcy lawyers say.
Most news reports about the new Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has focused on how it affects personal bankruptcies.
But both creditors and businesses filing for bankruptcy should know that the new law has key provisions affecting them. In addition to the changes in the box on this page, those include:
* Tighter rules preventing debtors from shielding assets by investing in expensive homes in states such as Florida, which offers ...