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Katrina and the New Insolvency Law

By Peter Geier

Though Hurricane Katrina may flood bankruptcy courts with new filings from its victims, experts differ over whether the new Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which took effect in October, will blow away small businesses in the Gulf Coast region.

Bankruptcy attorneys don't expect Congress to amend the law to respond to the disaster. Also, they warn that strict, new provisions in the law-which may make it tougher on small businesses in particular-make it advisable for companies in trouble to file sooner rather than later. John D. Penn, president of the American Bankruptcy Institute and a commercial bankruptcy lawyer in Dallas-based Haynes and Boone's Fort Worth, TX, office, said he does not expect any significant changes in the law as enacted.

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