DANA POINT, Calif. — In the 10 months since the bankruptcy reform legislation went into effect, the outlines of the legislation's immediate effect are beginning to emerge.
What's becoming apparent, offers one leading attorney who specializes in the areas of creditors' rights, creditors bankruptcy and commercial litigation and who has worked with several CUs, is credit unions that thought they'd have less to worry about because of the reform are finding they're now dealing with probable long-term consequences.
What's more, said bankruptcy attorney Franklin Drake, a partner with the Raleigh, N.C. Smith Debnam law firm at his session at the NASCUS State System Summit on The Impact of Bankruptcy Reform–A Year Later, "Many bankruptcy lawyers have learned how to find Traffic Court, and a whole new jargon including 'no-ride-through' and '910-cars' and 'till interest' has begun to evolve, leaving many lenders in the dark as to their new rights and opportunities."
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