Lawyers Get Ahold Of New Bankruptcy Bill

Washington Post (03.20.05):

"It took eight years of political maneuvering, but a bill to overhaul the nation's bankruptcy system now looks close to becoming law. If it does, that's when the real fight will begin. Lawyers who have combed through the 501-page bill say that despite its attempt at specificity and bright-line tests to tell the truly destitute -- who would still get to erase most of their debts -- from the casual spendthrifts attempting to wriggle out of inconvenient bills, much remains open to argument and interpretation." Bankruptcy's Next Chapter

"Indeed, lawyers are already discussing ways that the legislation's hard-and-fast measures might make it easier than current law to manipulate the bankruptcy system. Joseph Gold, a bankruptcy trustee for eastern Virginia, predicted 'many creative lawyers' will get around many of the new restrictions." Golly you mean there might be loopholes?