Open Access. Powered by Scholars. Published by Universities.®
- Discipline
Articles 1 - 7 of 7
Full-Text Articles in Law
Legal And Tax Incidents Of Compulsive Behavior: Lessons From Zarin, Babette Barton
Legal And Tax Incidents Of Compulsive Behavior: Lessons From Zarin, Babette Barton
Babette Barton
Focuses on the implication of Zarin v. Commissioner on legal dispensation of compulsive gambling behavior in the United States. Need of legislation for legal accommodation of compulsive behavior; Cancellation of debts due to insolvency; Use of single transaction doctrine in justifying cancellation of debt.
A Proposal For Chapter 10: Reorganization For 'Too Big To Fail' Companies, George Kuney, Michael James
A Proposal For Chapter 10: Reorganization For 'Too Big To Fail' Companies, George Kuney, Michael James
Michael C James
The Bankruptcy Code provides tools that are well-suited to addressing and resolving the financial problems faced by the "Big Three" automakers and other "too big to fail" companies ("TBTF Companies"). But Chapter 11 as it presently exists would inevitably impose great harm on vendors and other interrelated businesses resulting in a ripple effect causing cascading business failures and lay-offs. With comparatively minor changes to the Bankruptcy Code, enacted in the form of a streamlined new Chapter 10, however, TBTF Companies could use the powerful tools of the bankruptcy process to remedy their core financial problems without imposing on society unnecessary …
Bankruptcy Law As A Liquidity Provider, Kenneth Ayotte, David Skeel
Bankruptcy Law As A Liquidity Provider, Kenneth Ayotte, David Skeel
Kenneth Ayotte
Since the outset of the recent financial crisis, liquidity problems have been cited as the cause behind the bankruptcies and near bankruptcies of numerous firms, ranging from Bear Stearns and Lehman Brothers in 2008 to Kodak more recently. This paper expands the prevailing normative theory of corporate bankruptcy — the Creditors’ Bargain theory — to include a role for bankruptcy as a provider of liquidity. The Creditors’ Bargain theory argues that bankruptcy law should be limited to solving problems caused by multiple, uncoordinated creditors, but focuses almost exclusively on the problem of creditor runs. We argue that two well-known problems …
When Does Some Federal Interest Require A Different Result?: An Essay On The Use And Misuse Of Butner V. United States, Juliet Moringiello
When Does Some Federal Interest Require A Different Result?: An Essay On The Use And Misuse Of Butner V. United States, Juliet Moringiello
Juliet M Moringiello
Thousands of judges and scholars have relied on the statement in the 1979 Supreme Court opinion in Butner v. United States that “property interests are created and defined by state law...unless some federal interest requires a different result.” Often, they cite to the statement as a policy constraint that elevates state property law over federal bankruptcy law. This Essay, written for the American Bankruptcy Institute – University of Illinois Symposium on Chapter 11 Reform, posits that the Butner rule is not as broadly applicable as commonly believed. To do so, the Essay surveys some notable uses and misuses of the …
Reforming Preference Law, Dalie Jimenez
Reforming Preference Law, Dalie Jimenez
Dalie Jimenez
This article responds to Brook Gotberg's proposal to do away with preference liability in certain Chapter 11 cases and provides empirical evidence of preferential transfers in consumer Chapter 7 cases.
Medical Debt As A Cause Of Consumer Bankruptcy, Daniel Austin
Medical Debt As A Cause Of Consumer Bankruptcy, Daniel Austin
Daniel A. Austin
During his 2009 State of the Union Address, President Obama urged Americans to support healthcare reform, stating “[t]his is a cost that now causes a bankruptcy in America every thirty seconds.” That attention-grabbing statistic was based on a 2009 study, co-authored by now Sen. Elizabeth Warren, which concluded that 62.1% of consumer bankruptcies are medical bankruptcies. The figure has been widely cited by lawmakers, academics, and in the media. Other researchers dispute the study findings, and the issue of medical bankruptcies continues to be a focal point in debates over healthcare policy and bankruptcy law reform.
Several other studies have …
Utilizing Bankruptcy To Reduce Outstanding Tax Debts, T. Fogg, Kenneth Weil
Utilizing Bankruptcy To Reduce Outstanding Tax Debts, T. Fogg, Kenneth Weil
T. Keith Fogg
In general, Congress set out to strike a balance in the bankruptcy code between the need for government entities to collect taxes, the need to promote a fresh start for debtors and the desire to create a relatively balanced playing field for competing creditors. This chapter explains how tax creditors will do well when they quickly collect the debts due to them. They will do much less well if the debts have gotten old. Exceptions to this general rule exist for tax debts secured by a tax lien or debts arising from the debtor's collection of funds on behalf of …