Bankruptcy Reform Act of 2005 - No Winners?

Costs to lawyers and clients include the following:

• The cost to non-bankruptcy attorneys of learning about the law and deciding whether they wish to comply with the provisions so that they may continue to give bankruptcy advice to their clients.
• The cost to non-bankruptcy attorneys who do not learn about the law and run afoul of its provisions, although they represent no clients in bankruptcy.
• The lost fees for non-bankruptcy lawyers who refuse to give any advice related to bankruptcy to their non-debtor clients.
• The cost to clients who do not receive needed advice related to bankruptcy law.
• The costs to non-bankruptcy lawyers who, having failed to give needed advice related to bankruptcy, are sued by their clients.

From Attorney Liability in Bankruptcy

Edited by Corinne Cooper and Catherine E. Vance; written by Corinne Cooper
ABA General Practice, Solo & Small Firm Division

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Related CLE on the Bankruptcy Reform Act of 2005:  The 2005 Bankruptcy Code Amendments: A Primer for the Non-Bankruptcy Lawyer

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