The new federal bankruptcy law is just a little more than 12 hours old now, but as an article this morning on Law.com says, “although the effect on debtors has been well publicized… repercussions for attorneys and their practices are at least as dramatic .” We felt one more post perhaps prudent.
Bankruptcy attorneys will now be held personally liable for the accuracy of their clients’ petitions, the article states. “They will be required to advertise themselves as ‘debt relief agencies,’ be barred from telling clients pertinent information such as the fact that it’s legal to incur new debt on the eve of bankruptcy, and be required to give advice that some practitioners say is directly contrary to other sections of the Bankruptcy Code, potentially pitting their ethical obligations against their legal responsibilities.”
FindLaw has a special section on which articles designed to help in the understanding of the new law are posted, including a “checklist of key changes.”
Interim Rules, Official Forms, and additional information are available through our previous posting.
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