Bankruptcy Reform An EvolvingProcess

MONTEREY, Calif. - (03/15/06) – Despite the new bankruptcy billnow in effect, bankruptcy reform is not complete and credit unionsshould pool their resources to appeal cases to ensure the new rulesare interpreted in ways that favor credit unions, according to oneexpert. Eric North, an attorney whose San Jose, Calif.-based lawfirm represents credit unions in litigation and compliance matters,told attendees of the California and Nevada CU Leagues’ BigValley Educational Conference here the credit union-backedbankruptcy reform of 2005 did not come close to resolving allissues relating to consumer bankruptcy. “People ask:‘Was the reform worth it?’ It was worth it, but it willtake years to know what we got. Not that the process of passing thebill was easy, but there is even more work to be done. Now thatCongress is done, the courts will interpret what they thinkthat’s what Congress meant.”