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Bankruptcy Election and Political Law Litigation

What’s In Store for Bankruptcy Reform In a Biden Presidency

Senator Elizabeth Warren has been relentlessly pursuing bankruptcy reform for two decades. And Joe Biden has adopted her comprehensive proposal. The proposals could impact commercial bankruptcy law and reverberate across our financial systems.

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Bankruptcy reform is not a new topic. In 2005, the credit card industry secured the passage of The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which not only transformed consumer bankruptcies, making them more difficult and costly for individuals, but had far-reaching impacts on commercial bankruptcies under Chapter 11, making business reorganizations more challenging. In 2011, the American Bankruptcy Institute (ABI) formed a Commission to Explore Overhauling Chapter 11.

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