Michael Brownstein is a senior partner in the restructuring and bankruptcy group of Blank Rome LLP in New York City. He’s practiced for more than 30 years in all facets of insolvency, workouts, and bankruptcy. You can reach him at mbrownstein@BlankRome.com or 212/885-5520.
The Bankruptcy Abuse Prevention and Consumer Protection Act was intended to lessen abuses of bankruptcy statutes by some financially troubled debtors. However, one significant new provision puts added pressure on the owners of single-asset real estate who face credit problems and makes it more difficult for them to prevent the foreclosure of their real estate.