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Full-Text Articles in State and Local Government Law
Uncertainty Surrounding Takings Claimants’ Rights In Municipal Bankruptcies, Gillian Deery
Uncertainty Surrounding Takings Claimants’ Rights In Municipal Bankruptcies, Gillian Deery
Bankruptcy Research Library
(Excerpt)
Governments in the United States and its territories have the power to exercise eminent domain so long as they provide property owners with the constitutionally guaranteed “just compensation.” The Fifth Amendment’s Takings Clause specifically prescribes this remedy for parties whose property has been subject to a government taking. “Just compensation” has proven to be an issue in the context of bankruptcy, as bankruptcy law inherently allows debtors to alter their obligations to their creditors.
In response to Puerto Rico’s financial crisis, Congress enacted the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), which created a modified version of …
Lifting The Automatic Stay After Foreclosures In New York, Andrew Vavricka
Lifting The Automatic Stay After Foreclosures In New York, Andrew Vavricka
Bankruptcy Research Library
(Excerpt)
The filing of a bankruptcy petition under title 11 of the United States Code (the “Bankruptcy Code”) results in an automatic stay that bars collection efforts against a debtor’s property. Consequently, a creditor will generally be prevented from foreclosing on property in which a debtor has an interest, including a possessory interest. Section 362(d), however, provides that the automatic stay may be lifted or modified under four alternatives. This article will discuss the implication of the automatic stay on a New York foreclosure action and bankruptcy courts’ rationale for lifting the automatic stay in the foreclosure context.
Part I …