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Articles 91 - 110 of 110
Full-Text Articles in Law
The Differing Standards To Obtain A Student Loan Debt Discharge, Nicholas Bonelli
The Differing Standards To Obtain A Student Loan Debt Discharge, Nicholas Bonelli
Bankruptcy Research Library
(Excerpt)
Discharging student loans in a bankruptcy case is often an uphill battle. Under section 523 of title 11 of the United States Code (the “Bankruptcy Code”), student loans are presumed nondischargeable. Thus, a discharge is generally unavailable for student loans “[u]nless excepting such debt from discharge . . . would impose an undue hardship on the debtor and the debtor's dependents.” To obtain a discharge, a debtor bears the burden of showing “undue hardship” by a preponderance of the evidence. In determining “undue hardship,” a majority of courts use the Brunner Test. A minority of courts use the more …
The Debtor’S Absolute Right To Dismiss A Chapter 13 Case, Jared Brady
The Debtor’S Absolute Right To Dismiss A Chapter 13 Case, Jared Brady
Bankruptcy Research Library
(Excerpt)
Under section 1307(b) of title 11 of the United States Code (the “Bankruptcy Code”), a debtor has an absolute right to dismiss a Chapter 13 bankruptcy case. A bankruptcy case may be voluntarily filed under any chapter so long as the individual is eligible to be a debtor under the chapter selected. Section 1307(b) requires the court, on request of the debtor, to dismiss a Chapter 13 case if the case has not already been converted from Chapter 7 or Chapter 11.
This memorandum addresses a debtor’s right to dismiss a Chapter 13 case in three sections. Section one …
Bankruptcy Debtors Are Ineligible For Ppp Loans, Laura Chambers
Bankruptcy Debtors Are Ineligible For Ppp Loans, Laura Chambers
Bankruptcy Research Library
(Excerpt)
During the COVID-19 pandemic, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which established the Paycheck Protection Program (“PPP”). Under the PPP, the United States Small Business Administration (“SBA”) declared small businesses—including nonprofits, veterans’ organizations, and tribal enterprises that employ 500 people or less—as potential eligible borrowers. A borrower can use a PPP loan for a variety of purposes, such as general business costs like payroll and rent, or payments toward preexisting debts.
However, there has been some debate as to whether a debtor in a case under title 11 of the United States Code …
Standing To Challenge Bankruptcy Court’S Approval Of Retiree Benefits Settlement, Inkook Choi
Standing To Challenge Bankruptcy Court’S Approval Of Retiree Benefits Settlement, Inkook Choi
Bankruptcy Research Library
(Excerpt)
Section 1114 of title 11 of the United States Code (the “Bankruptcy Code”) provides in relevant part that: “the debtor in possession shall timely pay and shall not modify any retiree benefits” unless “the court, on the motion of the [debtor] or authorized representative [of the retirees,]” orders or the debtor and the authorized representative agree to the modification of such benefits. A bankruptcy court may, after notice and hearing, approve a settlement, including a settlement of retiree benefit claims, under Federal Rule of Bankruptcy Procedure 9019. Consequently, creditors and other parties in interest may voice their views on …
Bankruptcy Courts Are Divided On Reducing A Debtor’S Obligation To Pay Rent When Government Regulations Restrict A Debtor’S Ability To Generate Income, Brittany M. Clark
Bankruptcy Courts Are Divided On Reducing A Debtor’S Obligation To Pay Rent When Government Regulations Restrict A Debtor’S Ability To Generate Income, Brittany M. Clark
Bankruptcy Research Library
(Excerpt)
Many indoor retail establishments and restaurants that faced shutdowns due to the COVID-19 pandemic (the “Pandemic”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”), and subsequently requested rent abatement under § 365(d)(3) of the Bankruptcy Code or state law. Notwithstanding the unique and extreme circumstances caused by the Pandemic, not all bankruptcy courts agree on the extent to which judges have the discretion to grant abatement motions for rent payments that are otherwise due under § 365(d)(3). Some bankruptcy courts have granted debtors the ability to defer post-petition …
Impact Of Covid-19 On Debtor’S Obligations To Comply With Duties To Pay Rent, Joseph Diorio
Impact Of Covid-19 On Debtor’S Obligations To Comply With Duties To Pay Rent, Joseph Diorio
Bankruptcy Research Library
(Excerpt)
Under section 365(d)(3) of title 11 of the United States Code (the “Bankruptcy Code”), a debtor-in-possession is required to “timely perform all the obligations of the debtor . . . arising from and after the order for relief under any unexpired lease of nonresidential real property until such lease is assumed or rejected, notwithstanding section 503(b)(1) of this title.” Section 365 was implemented to relieve landlords from the burden of proving the rent payments owed by the debtors prior to rejection were “actual and necessary” costs of preserving the bankruptcy estate. Section 365 has been heavily litigated since early …
Financial Advisory Firms Whose Affiliate’S Employees Served As Independent Officers Or Directors Of The Debtor Prepetition Should Be Retained Under Section 327(A) Of The Bankruptcy Code, Lauren Jusas
Bankruptcy Research Library
(Excerpt)
The retention of financial advisors by chapter 11 debtors must be approved by a bankruptcy court. Currently, debtors may file employment applications for financial advisors, whose affiliate’s employees, prepetition, served as a chief restructuring officer (“CRO”), under two different sections of title 11 of the United States Code (the “Bankruptcy Code”). Under section 327(a), financial advisors must satisfy a stringent two-part test to be approved. Alternatively, financial advisors may seek approval under section 363(b) pursuant to the J. Alix Protocol, a national settlement protocol developed by the United States Trustee Program (the “USTP”). Since its inception, the J. Alix …
A Bankruptcy Court May Temporarily Suspend Rent Obligation, Matthew Kipnis
A Bankruptcy Court May Temporarily Suspend Rent Obligation, Matthew Kipnis
Bankruptcy Research Library
(Excerpt)
Section 365(d)(3) of title 11 of the United States Code (the “Bankruptcy Code”) authorizes a court to “extend, for cause, the time for performance of any [rent] obligation[‘s] [on unexpired leases of nonresidential real property] that arise[] within 60 days after the date of the order for relief[.]” Historically, courts have recognized that under § 365(d)(3), there is a statutory obligation on debtors to pay rent on unexpired leases. Courts have also recognized that if a debtor’s rent obligation is deferred, lessors are entitled to adequate protection. However, courts are divided on the exact timing of when a debtor’s …
A Receiver Lacks Standing To Recover Fraudulent Transfers Under Ufta When Corporation Has Not Been Adequately Cleansed From Fraudulent Actions Of Ponzi Schemers, Chelsea Mcgee
Bankruptcy Research Library
(Excerpt)
A court-appointed receiver is charged with collecting the assets of an entity for the benefit of creditors. A receiver, however, only has standing to bring claims that the party in the receivership possessed. In determining whether a receiver has standing to bring a claim, it is necessary to differentiate between the types of claims that can be asserted on behalf of a corporation. First, there are actions that a receiver may bring directly against the principals of a corporation or the recipients of fraudulent transfers. Second, are common law tort claims that can be brought against a third party, …
Qualifications And Standards: What Courts Require To Hold A Statement As A Judicial Admission, Lianna Murphy
Qualifications And Standards: What Courts Require To Hold A Statement As A Judicial Admission, Lianna Murphy
Bankruptcy Research Library
(Excerpt)
Judicial admissions are factual statements made by a litigant in their pleadings that become binding throughout a case. Judicial admissions serve an important function by foreclosing an admitting party from later disputing such fact or making a statement inconsistent with the admission. It is therefore necessary to distinguish between the types of statements courts will hold as judicial admissions and those they will not.
Recently, the Second Circuit expanded upon existing precedent to clarify that judicial admissions must be “deliberate, clear, and unambiguous,” adopting language already embraced by other circuits. This memorandum will explore the factors that a court …
Bankruptcy Debtor Eligibility For Federal Coronavirus Aid Under The Cares Act, Meghan Paola
Bankruptcy Debtor Eligibility For Federal Coronavirus Aid Under The Cares Act, Meghan Paola
Bankruptcy Research Library
(Excerpt)
In March of 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to provide assistance to individuals and businesses affected by the Covid-19 pandemic. The Paycheck Protection Program (the “PPP”) was established under section 7(a)(36) of the Small Business Act to provide economic relief in the form of loans to small businesses negatively impacted by Covid-19. The CARES Act tasks the Small Business Administration (the “SBA”) with administering the PPP loans.
The PPP application form provides that a loan will not be approved if an applicant is “presently involved in any bankruptcy.” However, debtors …
Section 1112(B) Of The Bankruptcy Code Allows A Bankruptcy Court To Dismiss A Case Filed In Bad Faith, Antonio Sciarrotta
Section 1112(B) Of The Bankruptcy Code Allows A Bankruptcy Court To Dismiss A Case Filed In Bad Faith, Antonio Sciarrotta
Bankruptcy Research Library
(Excerpt)
The United States Bankruptcy Code (the “Bankruptcy Code”) offers a wide range of instances where a bankruptcy court can dismiss a case. Section 1112(b) of the Bankruptcy Code provides that “the court shall convert a case under this chapter to a case under chapter 7 or dismiss a case under this chapter, whichever is in the best interests of creditors and the estate, for cause . . . .” Section 1112(b)(4) lists different scenarios that constitute “for cause.” Although not explicitly within the statutory scheme, a requirement that the debtor files his bankruptcy petition in good faith is one …
Timing And Location Of Comi Determined At The Timing Of Filing Chapter 15 Petition, Priya Suresh
Timing And Location Of Comi Determined At The Timing Of Filing Chapter 15 Petition, Priya Suresh
Bankruptcy Research Library
(Excerpt)
A debtor’s center of main interest (“COMI”) is not defined under title of 11 of the United States Code (the “Bankruptcy Code”). As a result, bankruptcy courts have taken a number of different approaches to determining a debtor’s COMI. The starting place for determining COMI is the statutory rebuttable presumption that a debtor’s registered office, or habitual residence is the debtor’s COMI. If the presumption is rebutted, the party seeking recognition as a foreign main proceeding must prove by a preponderance of the evidence that the debtor's COMI is in the jurisdiction where the proceeding is pending. Under chapter …
How Courts In The Second Circuit Decide On A Stay Pending Appeal In Bankruptcy Actions, Valerie Timmerman
How Courts In The Second Circuit Decide On A Stay Pending Appeal In Bankruptcy Actions, Valerie Timmerman
Bankruptcy Research Library
(Excerpt)
Absent a stay, an appeal may be mooted by actions taken while the appeal is pending. The Federal Rules of Bankruptcy Procedure permit a court to grant “a stay of a judgment, order, or decree” pending an appeal. The purpose of a stay “is to preserve the status quo pending appeal and to protect the rights of all parties in interest.” The standard for a grant or denial of a stay under Bankruptcy Rule 8007 has historically differed among courts, with some favoring the “judicial discretion” test and others opting for the “preliminary injunction” test, depending on the nature …
On Bankruptcy’S Promethean Gap: Building Enslaving Capacity Into The Antebellum Administrative State, Rafael I. Pardo
On Bankruptcy’S Promethean Gap: Building Enslaving Capacity Into The Antebellum Administrative State, Rafael I. Pardo
Scholarship@WashULaw
As the United States contends with the economic crisis triggered by the COVID-19 pandemic, federal bankruptcy law is one tool that can be used to resolve the financial distress suffered by individuals and businesses. When implementing this remedy, the question arises whether the law’s application should be viewed as limited to addressing private debt matters, without regard for the public interest. This Article answers the question by looking to modern U.S. bankruptcy law’s first forebear, the 1841 Bankruptcy Act, which Congress enacted in response to the depressed economic conditions following the Panic of 1837. That legislation created a judicially administered …
Racialized Bankruptcy Federalism, Rafael I. Pardo
Racialized Bankruptcy Federalism, Rafael I. Pardo
Scholarship@WashULaw
Notwithstanding the robust national power conferred by the U.S. Constitution’s Bankruptcy Clause, the design and administration of federal bankruptcy law entails choices about the extent to which non-bankruptcy-law entitlements will remain un-displaced. When such entitlements sound in domestic nonfederal law (i.e., state or local law), displacing them triggers federalism concerns. Considerations regarding the relationship between the federal government and the nation’s smaller political subdivisions might warrant preserving nonfederal-law entitlements even though their displacement would be authorized pursuant to the bankruptcy power. But such considerations might also suggest replacing those entitlements with bankruptcy-specific ones. Some scholarship has theorized about the principles …
Better Than A Discharge, David G. Epstein, Tevin Bowens
Better Than A Discharge, David G. Epstein, Tevin Bowens
Law Faculty Publications
"“It’s the Cadillac of . . .” Chilli Palmer. Traditionally, discharge has been regarded as the “Cadillac” of success in bankruptcy. Getting a discharge is as good as it can get.
When an individual debtor files for Chapter 7 or Chapter 13 and receives a discharge then, in the language of the South, the attorney for that individual has “done good.” Or, in more academic verbiage, the lawyer has achieved Chapter 7 and Chapter 13’s “end goal.” Similarly, if a business entity files for Chapter 11 and its plan is confirmed which triggers a discharge, the attorney for the business …
Fraudulent Transfer As A Tort, David G. Carlson
Fraudulent Transfer As A Tort, David G. Carlson
Faculty Articles
Fraudulent transfer law has historically been an in rem right of a creditor to property fraudulently received by a third party. In a minority of states, courts have treated fraudulent transfers as creating an in personam liability of the transferring debtor, the recipient, and any other third party who "conspired" with the transferor to achieve the transfer. This Article examines the wisdom of this modern trend and finds it wanting. The United States Supreme Court in 1861 was correct: fraudulent transfers are not wrongs. They merely create in rem rights.
Fraudulent Transfers: Void And Voidable, David G. Carlson
Fraudulent Transfers: Void And Voidable, David G. Carlson
Faculty Articles
This Article explores the civil procedure attendant to private fraudulent transfer litigation (primarily outside the context of bankruptcy). In such litigation, courts ponder whether fraudulent transfers are void or voidable. In fact, they are both simultaneously! According to the theory "at law," a fraudulent transfer is "void." That is, a creditor with a judgment could simply levy the property from a fraudulent grantee as if the grantee had no property rights. This Article questions the constitutional viability of this ancient attitude. Meanwhile, "equity" viewed the transfer as voidable. The grantee gets title, but the title might be set aside. The …
Corporate Restructuring Under Relative And Absolute Priority Default Rules: A Comparative Assessment, Jonathan M. Seymour, Steven L. Schwarcz
Corporate Restructuring Under Relative And Absolute Priority Default Rules: A Comparative Assessment, Jonathan M. Seymour, Steven L. Schwarcz
Faculty Scholarship
The European Union recently adopted a Restructuring Directive intended to facilitate the reorganization of insolvent and other financially troubled firms. Although the central goal of the Directive parallels that of chapter 11 of U.S. bankruptcy law—to protect and maximize the value of financially distressed but economically viable enterprises by consensually reorganizing their capital structure—the Directive introduces an innovative but controversial option: that EU Member States can decree that reorganization negotiations should be subject to a relative priority default rule, in contrast to the type of absolute priority default rule used by chapter 11. EU officials argue that relative priority is …