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Full-Text Articles in Bankruptcy Law
Treating The New European Disease Of Consumer Debt In A Post-Communist State: The Groundbreaking New Russian Personal Insolvency Law, Jason J. Kilborn
Treating The New European Disease Of Consumer Debt In A Post-Communist State: The Groundbreaking New Russian Personal Insolvency Law, Jason J. Kilborn
Jason Kilborn
This article examines the tumultuous transition from restrictive Communism to the debt-fueled consumer economy of modern Russia. In particular, it surveys Russia’s legal response to severe debt distress, situating it in the context of nearly one thousand years of historical development. Effective 1 October 2015, Russia finally joined most of its European neighbors in adopting a personal bankruptcy law, with characteristics that reflect both evolving international best practices and a series of lessons not learned. This article offers the first detailed exposition in English of the two steps forward represented by this new law, as well as an evaluation of …
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 …
Reward The Stalking Horse Or Preserve The Estate: Determining The Appropriate Standard Of Review For Awarding Break-Up Fees In § 363 Sales, Zachary Frimet
Reward The Stalking Horse Or Preserve The Estate: Determining The Appropriate Standard Of Review For Awarding Break-Up Fees In § 363 Sales, Zachary Frimet
Zachary Frimet
Following the surge of bankruptcies in the wake of the Great Recession, a growing and somewhat controversial trend has emerged whereby companies seeking to purchase a debtor’s assets in bankruptcy frequently make use of Section 363 of the United States Bankruptcy Code (“§ 363”). In general, § 363 sales are accomplished via public auction. This aspect of § 363 exposes initial bidders, known in bankruptcy as “stalking horses bidders”, to the risk that they will commit time and resources in pursuit of the acquisition and yet fail to succeed as the prevailing bidder. To hedge against this risk, stalking horse …
Debt-Buyer Lawsuits And Inaccurate Data, Peter A. Holland
Debt-Buyer Lawsuits And Inaccurate Data, Peter A. Holland
Peter A. Holland
Pursuant to secret purchase and sale agreements (also known as forward flow agreements), the accounts that banks sell to debt buyers are often sold “as is,” with explicit and emphatic disclaimers that the debts may not be owed, the amounts claimed may not be accurate, and documentation may be missing. Despite their full knowledge that the accuracy and completeness of the data has been specifically disclaimed by the bank, when they sue consumers, debt buyers tell courts that the information obtained from the bank is inherently reliable and accurate. In order to avoid a fraud on the courts, the contents …
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 …
The Debtor Class, Kara J. Bruce
The Debtor Class, Kara J. Bruce
Kara J. Bruce
In recent years, individuals seeking bankruptcy protection have encountered an unexpected harm: their lenders have misrepresented the amounts they owe, lost or misapplied their loan payments, and violated clear requirements of bankruptcy law and procedure. Recent investigations of consumer bankruptcy cases reveal widespread abuse of the bankruptcy code, ranging from the filing of unsupported or overinflated proofs of claim to violations of the automatic stay and discharge injunction. Such practices undermine consumer bankruptcy’s central goals to provide consumer debtors a fresh financial start and to achieve the fair treatment of and distribution of assets to creditors. Because many debtors affected …
Relative Responsibility In Afdc: Problems Raised By The Noleo Approach—“If At First You Don't Succeed . . .”, Margaret Howard
Relative Responsibility In Afdc: Problems Raised By The Noleo Approach—“If At First You Don't Succeed . . .”, Margaret Howard
Margaret Howard
No abstract provided.
The Treatment Of Consignments In Bankruptcy: Two Codes And Their Fictions, At Play, In The Fields, Ingrid Michelsen Hillinger
The Treatment Of Consignments In Bankruptcy: Two Codes And Their Fictions, At Play, In The Fields, Ingrid Michelsen Hillinger
Ingrid Michelsen Hillinger
No abstract provided.
The Latest Developments In Article 9, Ingrid Michelsen Hillinger, Mark Leipold, Margit Livingston
The Latest Developments In Article 9, Ingrid Michelsen Hillinger, Mark Leipold, Margit Livingston
Ingrid Michelsen Hillinger
No abstract provided.
The Story Of Ymps ("Yield Maintenance Premiums") In Bankruptcy, Ingrid Michelsen Hillinger, Michael G. Hillinger
The Story Of Ymps ("Yield Maintenance Premiums") In Bankruptcy, Ingrid Michelsen Hillinger, Michael G. Hillinger
Ingrid Michelsen Hillinger
No abstract provided.
Section 365 In The Consumer Context: Something Old, Something New, Something Borrowed, Something Blue, Ingrid Michelsen Hillinger, Michael G. Hillinger
Section 365 In The Consumer Context: Something Old, Something New, Something Borrowed, Something Blue, Ingrid Michelsen Hillinger, Michael G. Hillinger
Ingrid Michelsen Hillinger
No abstract provided.
'No Look' Attorneys' Fees And The Attorneys Who Are Looking: An Empirical Analysis Of Presumptively Approved Attorneys' Fees In Ch. 13 Bankruptcies And A Proposal For Reform, Bruce Price
Bruce M Price
This article presents original empirical research on the issue of “No Look” or presumptively approved attorneys’ fees in consumer Chapter 13 bankruptcy cases. 11 U.S.C. section 330 requires court approval of attorneys’ fees. Courts are frequently unable to address the volume of applications if individual review were required. As such, many courts have set presumptively approved attorneys’ fees in which the attorneys’ fees for routine services are approved administratively. Circuits are split as to whether this practice can be rationalized with existing case law, the Bankruptcy Code or legislative intent. The study examines the practices of each Bankruptcy Court and …
In Or Out Of Mortgage Trouble? A Study Of Bankrupt Homeowners, Melissa B. Jacoby, Daniel T. Mccue, Eric M. Belsky
In Or Out Of Mortgage Trouble? A Study Of Bankrupt Homeowners, Melissa B. Jacoby, Daniel T. Mccue, Eric M. Belsky
Melissa B. Jacoby
We examine the determinants of missed payments and foreclosure initiation among a national sample of homeowners who filed for personal bankruptcy in 2007, using a rich dataset from the 2007 Consumer Bankruptcy Project.
Credit access had a significant effect on keeping mortgages current across all of our models: access to, and reliance on, credit cards reduced the chance of missed payments and default, increasing the likelihood that bankruptcy could produce a fresh start. Missed mortgage payments also were associated with a substantial drop in income and with the use of a mortgage broker. The probability of foreclosure initiation was lower …
Making Debtor Remedies More Effective, Melissa B. Jacoby
Making Debtor Remedies More Effective, Melissa B. Jacoby
Melissa B. Jacoby
Commissioned for a conference on credit markets at Harvard Business School in February 2010, this paper explores functional system design and the role of lawyers and intermediaries in providing debtor remedies in a complex legal system. The thesis of this paper, which proceeds in the “law and society” tradition, is that the location of a remedial right within the debtor-creditor system substantially affects the costs and benefits of the remedy for debtors, creditors, the system, and society. In other words, merely adding specific substantive provisions does not directly translate into actual protection. Relatedly, policymakers must recognize that lawyers and other …
Empirical And Policy Perspectives On Consumer Bankruptcy Law In The United States (In Endeudamiento Del Consumidor E Insolvencia Familiar), Melissa Jacoby
Empirical And Policy Perspectives On Consumer Bankruptcy Law In The United States (In Endeudamiento Del Consumidor E Insolvencia Familiar), Melissa Jacoby
Melissa B. Jacoby
This chapter, published in Spanish, offers new empirical data from the U.S. on consumer bankruptcy filers from the 2007 Consumer Bankruptcy Project, an evaluation of the two-chapter bankruptcy system, and proposals for structural reform.
Home Mortgage Problems Through The Lens Of Bankruptcy, Melissa B. Jacoby
Home Mortgage Problems Through The Lens Of Bankruptcy, Melissa B. Jacoby
Melissa B. Jacoby
Based on a lecture at a predatory lending conference at Loyola University New Orleans School of Law, this brief paper discusses the 2007 Consumer Bankruptcy Project and how the empirical study of bankruptcy law informs our understanding of the intersection of mortgages and homeownership with financial distress, and whether bankruptcy can provide meaningful redress.
Exemptions, Margaret Howard