Guess Who Might Benefit Most from BAPCPA?
With the effective date of the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" (BAPCPA) fast approaching (October 17, 2005), this recent article from The National Law Journal provides some helpful hints on BAPCPA's changes to the law, practice, and procedure, as well as the assured wave of litigation that will follow in its wake. But don't say we didn't warn you about the loopholes and gaping holes in the legislation that was pushed through Congress! Now we all get to fight about them for a while.
Guess who benefits from all that litigation? Probably not the client. It's said that tax lawyers benefit the most from every change to the tax code. I wonder if the same will be true for bankruptcy litigators in this round of bankruptcy law changes? Reminds me of a sadly entertaining book by Sol Stein, A Feast for Lawyers, in which he bitterly recounts the demise of his genteel old-line publishing house at the hands of "feasting" bankruptcy lawyers at one of NY's finest (caution: shield eyes before viewing).