New Bankruptcy Act Provisions Changing Real Estate Practices
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MELVIN S. HOFFMAN
(mhoffman@lgllp.com) is a partner and chair of the bankruptcy practice group at Looney & Grossman LLP in Boston. He is a member of REBA, the Real Estate Bar Association for Massachusetts. |
By Melvin S. Hoffman
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was signed into law by President Bush in April 2005. BAPCPA effects major changes to the U.S. Bankruptcy Code. The changes wrought by BAPCPA reflect Congress’ desire to reduce the number of bankruptcy filings by making it more difficult for both consumer and business debtors to achieve debt relief in bankruptcy. Regrettably, BAPCPA is a poster child for breathtakingly poor statutory draftsmanship. As a result, disputes over the meaning and application of key provisions are inevitable.
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