Filing blitz, more hearings mean all cases likely to proceed slowly
In the three weeks since a flood of filings inundated U.S. bankruptcy courts in advance of a law making it tougher to clear debts, at least two consequences have become clear: Creditors and debtors who want a quick discharge of their cases are likely to be disappointed, and banks and credit-card issuers are in for a short-term financial hit.
The deluge of bankruptcy filings ahead of the Oct. 17 law has kept judges at U.S. Bankruptcy Court in Columbus scrambling to keep up while trying to establish precedent that others can follow in implementing the untested law.
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