On April 20, 2005, President Bush signed into law S.256, the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" which had been approved by the House of Representatives on April 14, 2005 and previously passed by the Senate on March 10, 2005. The most prominent changes set forth in the new legislation are those that affect individual debtors under the Bankruptcy Code, but this law also contains significant provisions affecting the administration of chapter 11 reorganization cases and international insolvency cases as well. Greater clarity of the treatment of certain financial contracts under the Bankruptcy Code also comprises an important part of the new legislation. Most of the provisions of the law take effect 180 days from its enactment and collectively represent the most sweeping changes to the Bankruptcy Code in many years. This special issue of the Alert highlights many of the key provisions of this legislation.

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