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Predictability. Among bankruptcy lawyers, it is the ultimate consideration when deciding which federal court best suits a corporate client seeking protection from creditors.
For the past decade, that jurisdiction has been Delaware, a pro-business state where many of the nation's major companies are incorporated. Those firms, faced with the option of filing in their home states or elsewhere, have almost invariably turned to Delaware's two-judge bankruptcy court and its reputation for quick hearings, high attorneys' fees and a pro-debtor bent.
But that may all be changing.
Bankruptcy lawyers say that a Texas federal judge's 2-year-old idea could ...