Bankruptcy attorneys ponder the next 4 years

November 18, 2008
Bankruptcy Court Decisions, Volume 50, Issue 20

Michael Viscount lent his insight to the article, “Bankruptcy attorneys ponder the next 4 years,” which appeared in the November 18, 2008, edition of Bankruptcy Court Decisions.

In the first installment of what will be a series chronicling the thoughts of top bankruptcy attorneys, the author asks what “a Democratic agenda combined with an economic crisis of epic proportions could and should mean for the Bankruptcy Code.” This portion dealt with possible amendments to allow mortgages to be modified in Chapter 13 filings.

With skyrocketing unemployment rates and foreclosures, Congress may be tempted to change the Code for “some social or political objective.” Says Viscount, “…right now the objective is to keep middle class Americans in their homes, and to some extent, place some of the burden on the financial institutions that perhaps over-leant to begin with.”