Tough new revisions in the corporate bankruptcy code take effect Oct. 17, and that may prompt some companies pondering bankruptcy to move before then.

The new rules, signed into law in April as part of a bill to tighten personal bankruptcy filings, place limits on the extensions for a debtor to file reorganization plans and the time a debtor may take to assume or terminate commercial land leases. It also severely restricts key employee-retention programs, among other things.

And though near-record low default rates mean fewer companies overall are in such dire straits, some companies already struggling to stay afloat are warning bankruptcy filings may come sooner rather than later.

Earlier this week, the chief executive of embattled auto-parts giant Delphi Corp., Robert "Steve" Miller, said the company was considering a bankruptcy filing. Delphi, which last week drew down $1.5 billion of its $1.8 billion revolving credit line, said the new bankruptcy laws, which go into effect in October, wouldn't be favorable to the company.

Two weeks earlier, Northwest Airlines Chief Executive Doug Steenland said in an earnings conference call that the pending bankruptcy-code changes were on the mind of management as it tries to get its unions to agree to concessions to keep the carrier flying.

The new rules make it easier for some creditors to get paid after a bankruptcy filing, which has the consequence of limiting the breathing space for the insolvent company. As a result, companies facing an uncertain future may decide to file before the new provisions go into effect.

"Under the new code, it's less likely that they can survive after Chapter 11" as opposed to undergoing a liquidation, said Edward Altman, director of the credit and debt markets program of the Salomon Center at New York University Stern School of Business, who expects to see a small spike in the number of bankruptcies from companies that are facing a financial crunch.

Critics of the new bankruptcy code say it will result in more liquidations, potentially hurting the economy as companies disappear rather than slim down and re-emerge. One sector seen as being particularly affected by the new rules is the retail sector, given the size of its commercial lease agreements.