Law firms have been preparing for the next wave of corporate bankruptcies for two years, and while there’s been a 40 percent increase in filings over the past year, restructuring attorneys are starting to think that the surge may be more of a swell than a tsunami.

Loan terms favorable to borrowers, more secured corporate debt, 2005 bankruptcy law changes and other factors have contributed to a decline in the number of companies seeking Chapter 11 bankruptcy protection, attorneys in the field are noting.

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