Law Commons^™

8th Biennial Midwest/Midsouth Bankruptcy Institute, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Lawrence Ponoroff, Douglass G. Boshkoff, Tracey N. Wise, Christopher W. Frost, Keith M. Lundin, Ray Reynolds Graves, David G. Epstein, Joe Lee, Robert E. Mckenzie, Conrad K. Cyr

Continuing Legal Education Materials

Materials from the 8th Biennial Midwest/Midsouth Bankruptcy Institute held December 1997.

Taming The Bankruptcy Code's Toothless Tiger, 11 U.S.C. § 521(2), Julio M. Zapata

Washington Law Review

Federal appellate courts are divided on whether a debtor who files a Chapter 7 bankruptcy petition and is current on the underlying contractual obligation secured by collateral is able to retain the collateral without redeeming it or reaffirming the debt under section 521(2) of the Bankruptcy Code. The Fourth and Tenth Circuits hold that the Code's options are not exclusive. Thus, the debtor may retain the collateral and continue under the terms of the contract as long as the payments are current In contrast, the Seventh and Eleventh Circuits hold that a debtor's only options are those listed in section …

On Considering The Public Interest In Bankruptcy: Looking To The Railroads For Answers, Julie A. Veach

Indiana Law Journal

No abstract provided.

Lifestyles Of The Not-So-Rich Or Famous: The Role Of Choice And Sacrifice In Bankruptcy, A. Mechele Dickerson

Buffalo Law Review

No abstract provided.

Lifestyles Of The Not-So-Rich Or Famous: The Role Of Choice And Sacrifice In Bankruptcy, A. Mechele Dickerson

Faculty Publications

No abstract provided.

What Should You Notice When You Get Notice?: Undiscovered But Discoverable Environmental Claims In Bankruptcy, Royanne Kashiwahara Doi, H. Hammer Hill

William & Mary Environmental Law and Policy Review

No abstract provided.

The Political Economy Of The Bankruptcy Reform Act Of 1978, Eric A. Posner

Michigan Law Review

These are the goals of this article. In particular, this article analyzes the legislative history of the Bankruptcy Reform Act of 19783 and related materials, in the hope of describing the influence of interest groups on the final statute. It has, of course, long been assumed that certain narrow provisions of the 1978 Act reflect the influence of interest groups - for example, the section that gives special protection to security and lease interests in aircraft. This article goes farther and argues that fundamental elements of the 1978 Act reflect political compromises among competing interest groups. In particular, I claim …

Is Chapter 11 Too Favorable To Debtors? Evidence From Abroad, Theodore Eisenberg, Stefan Sundgren

Cornell Law Faculty Publications

Chapter 11 is widely believed to be among the industrialized world's most debtor-oriented reorganization laws. Critics assert that Chapter 11 is too easily available and that it allows debtors too much control by, inter alia, not requiring appointment of a trustee. One criticism of Chapter 11, low returns to unsecured creditors, resonates with an important theme of this Symposium, the Bebchuk-Fried proposal to reduce secured creditor priority in insolvency proceedings. The Chapter 11 criticisms and the Bebchuk-Fried proposal raise the question whether less easy access to Chapter 11, reduced debtor control, diminished secured creditor priority, or other changes could reduce …

Bankruptcy, W. Homer Drake Jr., Michael M. Duclos

Mercer Law Review

During 1996, the United States Court of Appeals for the Eleventh Circuit decided twenty-three cases in the area of bankruptcy law. These decisions covered a wide variety of issues arising under the Bankruptcy Code, as well as several issues concerning nonbankruptcy law. This Article is a survey of the bankruptcy decisions rendered by the Eleventh Circuit in 1996.

The Immovable Object Versus The Irresistable Force: Rethinking The Relationship Between Secured Credit And Bankruptcy Policy, Lawrence Ponoroff, F. Stephen Knippenberg

Michigan Law Review

The last leaf in O. Henry's classic short story was hanging by a delicate thread, but it never fell. It never fell, of course, because it wasn't real; Old Behrman had painted it (and caught pneumonia for his trouble) in order to give Johnsy the will to live. The Supreme Court's decision in Dewsnup v. Timm is also hanging by a thread, following a barrage of scholarly criticism and more than four years of limiting case law and legislative incursions on the case's core conceptual rationale. But the holding in Dewsnup, unlike the last leaf, is very real. It has …

The Immovable Object Versus The Irresistible Force: Rethinking The Relationship Between Secured Credit And Bankruptcy Policy, F. Stephen Knippenberg

F. Stephen Knippenberg

No abstract provided.

Christians V. Crystal Evangelical Free Church: Interpreting Rfra In The Battle Among God, The Government, And The Bankruptcy Code, Susan Franck

Articles in Law Reviews & Other Academic Journals

In keeping with their religious traditions as devout Protestants, Bruce and Nancy Young regularly gave to their church in New Hope, Minnesota. From February 1991 to February 1992, the Youngs tithed $13,450 to their church.' Unfortunately-due to financial difficulties--the Youngs filed for Chapter 7 bankruptcy in February 1992. Because the Youngs tithed the $13,450 while insolvent, the bankruptcy trustee for their estate initiated a proceeding to void the transfers and return the contributions to the estate.

Till Debt Do Us Part: Irreconcilable Differences In The Unhappy Union Of Bankruptcy And Divorce, Catherine E. Vance

Buffalo Law Review

No abstract provided.

Repose Or Not? Informal Objections To Claims Of Exemptions After Taylor V. Freeland, Kenneth D. Ferguson

Faculty Works

In Taylor v. Freeland & Kronz, over the trustee's untimely objection, the Supreme Court permitted the bankruptcy debtor to exempt $110,000 that was ineligible under substantive exemption law. The Court rejected the view that unless the debtor had a good faith claim to the exemption or a statutory basis for the exemption, even an untimely objection to the debtor's claim of exemption could terminate the debtor's right to the exemption. Disturbed by the prospects of debtors receiving unjustified windfalls, several courts have developed "informal objection" doctrines to circumvent the "strict constructionist" doctrine of Taylor. However, Taylor's potential for encouraging debtors …

Derivative Securities: Governmental Entities As End Users, Bankrupts And Other Big Losers, Robert C. Downs, Lenora J. Fowler

Faculty Works

No abstract provided.

Measuring The Social Costs And Benefits And Identifying The Victims Of Subordinating Security Interests In Bankruptcy, (With C. Mooney, Jr.). , Steven L. Harris

All Faculty Scholarship

No abstract provided.

Strategies For Preserving The Bankruptcy Trustee's Avoidance Power Against States After Seminole Tribe, Edward J. Janger

Faculty Scholarship

No abstract provided.

Strategies For Preserving The Bankruptcy Trustee's Avoidance Power Against States After Seminole Tribe, Edward J. Janger

Faculty Scholarship

No abstract provided.

Reconciling The Dormant Conflict: Crafting A Banking Exception To The Fraudulent Conveyance Provision Of The Bankruptcy Code For Bank Holding Company Asset Transfers, Cassandra Jones Havard

All Faculty Scholarship

Banking law and bankruptcy law clash. This is most evident when a bank holding company (parent company) becomes insolvent after it has made an asset transfer to its financially troubled bank subsidiary.

The Bankruptcy Code (Code) governs the insolvency proceedings of the bank holding company. Predictably, the parent company's trustee, appointed for the protection of all the creditors of the bankrupt entity, uses the fraudulent conveyance provision of the Code to have any asset transfers that were made to the bank subsidiary returned to the debtor's estate. The good faith exception to that provision will protect the asset transfer only …

Reorganization A Comparative Study Of Reorganization In Denmark And In The United States, Poul Jagd Mogensen

LLM Theses and Essays

The purpose of this thesis is to analyze and discuss a list of specific problems in the current Danish system and in this analysis to examine how these problems are dealt with under the United States laws on reorganization. The thesis consists of five parts in addition to this Introduction. Part II is an introduction to the laws on reorganization in Denmark and in the United States. Part II also includes a brief introduction to out-of-court workouts as an alternative to reorganization under the bankruptcy laws. Part III provides statistical information on the number of reorganizations, the outcome of reorganizations, …

High-Tech Heroes, Virtual Villians, And Jacked-In Justice: Visions Of Law And Lawyers In Cyberpunk Science Fiction, Walter Effross

Articles in Law Reviews & Other Academic Journals

No abstract provided.

The Latent Efficiency Of Fraudulent Transfer Law, Marie T. Reilly

Journal Articles

A creditor holding a claim against a debtor typically holds the right, subject to the debtor's default, to obtain a judgment against the debtor, liquidate the debtor's assets, and apply the proceeds against his claim. If the debtor's assets are insufficient to satisfy the creditor's claim, the creditor is usually, but not always, out of luck. Under limited circumstances, a creditor can reach property the debtor transferred to a third party and apply the value of such property to satisfy his claim. The creditor can undo the transfer and obtain the property or its value from the transferee as though …

Romanian Bankruptcy Law: A Central European Example, Samuel Bufford

Journal Articles

Romania now has one of the best-drafted bankruptcy laws in Central and Eastern Europe. The new Romanian bankruptcy law went into effect on August 26, 1995 and replaced the previous bankruptcy provisions in §695-987 of the Romanian Commercial Code, which was translated from the Italian Commercial Code of 1884 and enacted in 1887. While the commercial code fell into disuse during the Communist era, it was never repealed. After the Romanian revolution and the demise of Nicolae Ceauşescu at the end of 1989, the commercial code as well as the civil code remained good law and needed only to be …

Desperate Times And Desperate Measures: The Troubled State Of The Ordinary Course Of Business Defense—And What To Do About It, Lawrence Ponoroff

Washington Law Review

The ordinary course of business defense to the bankruptcy trustee's preference avoiding power has been controversial since its enactment in 1978. Burdened with a cryptic legislative history concerning its underlying goals, this preference exception has gone through multiple reinterpretations at the hands of Congress and the U.S. Supreme Court. In recent years, faced with a potentially expansive reading of the ordinary course defense that threatened to eclipse the rule, courts have used the "ordinary business terms" element of the defense to engraft an objective requirement that the party asserting the defense establish conformity of the challenged transfer with prevailing industry …

National Bankruptcy Review Commission Tax Recommendations: Individual Debtors, Discharge, And Priority Of Claims, Jack F. Williams

Faculty Publications By Year

No abstract provided.

A New Approach To Transnational Insolvencies, Robert K. Rasmussen

Michigan Journal of International Law

Part I of this article sets forth the general problems associated with transnational bankruptcies. Part II then shows that, from an efficiency standpoint, the optimal solution would be to allow firms to select, at the time of incorporation, which set of bankruptcy rules will govern in the event of financial distress. Part III examines the transnational bankruptcy problem under the assumption that each nation will continue to dictate the content of its bankruptcy laws. The accepted wisdom is that under this assumption, the best solution to transnational insolvencies is for all countries to adopt a rule whereby the home jurisdiction …

Should The Secured Credit Carve Out Apply Only In Bankruptcy? A Systems/Strategic Analysis, Lynn M. Lopucki

UF Law Faculty Publications

No abstract provided.

Virtual Judgment Proofing: A Rejoinder, Lynn M. Lopucki

UF Law Faculty Publications

This is a rejoinder by the author of The Death of Liability, 106 Yale L.J. 1 (1996). The rejoinder is to a reply by Professor James J. White to the original article. Corporate Judgment Proofing: A Response to Lynn LoPucki's The Death of Liability, 107 Yale L.J. 1363 (1998). In response to specific points made by White, LoPucki argues that the judgment proofing of large companies would not be visible in Compustat data because it is not accomplished through secured debt or leasing and because Compustat data is aggregated by corporate group. Contracting parties will permit debtors to judgment proof …

The Nondischargeability Of Divorce-Based Debts In Bankruptcy: A Legislative Response To The Hardened Heart, Veryl Victoria Miles

Scholarly Articles

No abstract provided.

Bankruptcy In The Seventh Circuit: 1996, Douglass G. Boshkoff

Articles by Maurer Faculty

No abstract provided.