U.S. Bankruptcy Court for the District of R.I. Adopts Loss Mitigation Program and Procedures by Catherine V. Eastwood, Esq., Patricia Antonelli, Esq., and Lauren F. Verni, Esq.

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On October 22, 2009, the Bankruptcy Court for the District of Rhode Island issued a General Order announcing the adoption of a court-supervised loss mitigation program (the “Program”) that will go into effect on November 1, 2009. The Program is patterned closely on a similar program utilized by the United States Bankruptcy Court for the Southern District of New York. The Program places specific burdens and time frames on creditors.

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