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Full-Text Articles in Law
Confusion And Solution: Chapter 11 Bankruptcy Trustee's Standard Of Care For Personal Liability, David P. Primack
Confusion And Solution: Chapter 11 Bankruptcy Trustee's Standard Of Care For Personal Liability, David P. Primack
William & Mary Law Review
No abstract provided.
Optimal Bankruptcy In A Non-Optimal World, Richard M. Hynes
Optimal Bankruptcy In A Non-Optimal World, Richard M. Hynes
Faculty Publications
Consumer bankruptcy insures individuals against misfortune. Like other forms of insurance, bankruptcy reduces an individual's incentive to guard against misfortune and provides her with an incentive to overstate her need for relief. The "first-best," or optimal, bankruptcy system, like the first-best tax or public assistance system, solves these moral hazards without any loss of efficiency. In bankruptcy, this first-best approach would deny relief to debtors responsible for their own distress and reduce the deserving debtors' obligations to an amount commensurate with their ability to pay. While the Bankruptcy Code tries (in part) to follow this first-best approach, such a utopian …