3 Years Later, Bankruptcy Reform Questioned

Law360, New York (October 1, 2008, 12:00 AM EDT) -- When Lehman Brothers Holding Co. filed for Chapter 11 bankruptcy protection last month, it sold off assets first and filed a reorganization plan second.

Bankruptcy lawyers say that has been a common practice since the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, with its focus on speeding up the process.

While there was not unanimity on the question of whether the focus on speed found in those reforms was necessarily bad, several attorneys said that given the ailing national economy, Congress should take...
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