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The Problem Of Consumer Bankruptcy: Is Amendment Of The Bankruptcy Act The Answer?, Michigan Law Review
The Problem Of Consumer Bankruptcy: Is Amendment Of The Bankruptcy Act The Answer?, Michigan Law Review
Michigan Law Review
The question of whether the current frequency of consumer bankruptcy is a necessary function of consumer credit remains unanswered. The burgeoning number of consumer bankruptcies in a period of unparalleled national prosperity suggests fundamental weaknesses in the credit-oriented economy. Bankruptcy filings, now numbering nearly 172,000 annually, have trebled over the past decade. For twelve consecutive years the number of petitions filed has exceeded that of the prior year. Nonbusiness bankruptcies, most of which offer no assets for distribution, constitute ninety per cent of all filings.
Bankruptcy-Prior Discharge Within Six Years As Bar To Wage Earner's Extension Plan, Anthony Lynch
Bankruptcy-Prior Discharge Within Six Years As Bar To Wage Earner's Extension Plan, Anthony Lynch
Michigan Law Review
Appellant, a debtor, sought confirmation of a wage earners' extension plan pursuant to Chapter XIII of the Bankruptcy Act. Section 656 prohibits confirmation of a plan under Chapter XIII if the debtor would have been denied an ordinary discharge in bankruptcy had he been seeking one. A discharge within six years prior to the date of filing constitutes a bar to such discharge. The referee, finding that the debtor had obtained a discharge within six years, dismissed the proceedings. On appeal from the district court's affirmance, held, affirmed. Since a wage earner's extension plan clearly contemplates a discharge of …
Bankruptcy - Limitations On Availability To Corporations Of Arrangement Proceedings, Hazen V. Hatch S.Ed.
Bankruptcy - Limitations On Availability To Corporations Of Arrangement Proceedings, Hazen V. Hatch S.Ed.
Michigan Law Review
General Stores Corporation filed a chapter XI petition for an arrangement of its unsecured debts, none of which were publicly held debentures, as allowed by section 322 of the Bankruptcy Act. The debtor corporation's capital account consisted of over two million outstanding shares of common stock. held by 7,000 stockholders and traded on the American Stock. Exchange. A shareholder and the SEC moved under section 328 that the petition be dismissed unless amended to comply with chapter X of the Bankruptcy Act, calling for reorganization. The district court granted the motions, and its action was affirmed by the court of …
Bankruptcy-Status Of Claims In Bankruptcy Proceeding Following Default In Chapter Xi Arrangement, Myron J. Nadler S.Ed., L. B. Lea S.Ed
Bankruptcy-Status Of Claims In Bankruptcy Proceeding Following Default In Chapter Xi Arrangement, Myron J. Nadler S.Ed., L. B. Lea S.Ed
Michigan Law Review
A significant question arising under the Bankruptcy Act of 1938 which has not been satisfactorily dealt with by the statute is the relative status, in a bankruptcy proceeding precipitated by the debtor's default under the terms of a chapter XI arrangement, of claims of creditors participating in the arrangement and of those who became creditors after confirmation. Specifically, the problem is whether the old creditors, those who participated in the arrangement, can prove to the amount of their original claims, or merely to the extent of their claims as scaled down by the terms of the arrangement; and whether the …
Bankruptcy-Set-Off-Bank Deposits, A. E. Anderson S.Ed.
Bankruptcy-Set-Off-Bank Deposits, A. E. Anderson S.Ed.
Michigan Law Review
Endorsers of a corporation's notes caused the corporation to make deposits in the payee bank in the regular course of business, knowing the corporation to be insolvent, and the bank took over the deposits within four months of adjudication in bankruptcy. It was contended that under the amended definition of "transfer" as set out in section 1 (30) of the Bankruptcy Act of 1938, this transaction resulted in a voidable preference to the endorsers under section 60. The trial court rejected this contention. On appeal, held, affirmed. Although the 1938 amendment gave a broader significance to the term "transfer" …