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As We Forgive Our Debtors: Bankruptcy And Consumer Credit In America, Michael J. Herbert Jan 1990

As We Forgive Our Debtors: Bankruptcy And Consumer Credit In America, Michael J. Herbert

University of Richmond Law Review

Bankruptcy may soon join death and taxes as an inevitable consequence of human life. During the year ending June 30, 1988, (the most recent year for which there are conveniently available figures) 594,567 American individuals and companies filed for bankruptcy. There is more than a sporting chance that, come the next recession, bankruptcies will top one million per year. Good news for lawyers, if not the economy.


The Rtc: A Practical Guide To The Receivership/Conservatorship Process And The Resolution Of Failed Thrifts, Vicki O. Tucker, Patti G. Meire, Phyllis M. Rubinstein Jan 1990

The Rtc: A Practical Guide To The Receivership/Conservatorship Process And The Resolution Of Failed Thrifts, Vicki O. Tucker, Patti G. Meire, Phyllis M. Rubinstein

University of Richmond Law Review

In response to a growing crisis in the thrift industry, Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA" or "Act"). The crisis was evidenced by the failure of over 500 thrifts between 1980 and 1988-more than three and one-half times as many in the previous forty-five years combined. In 1988 alone, the Federal Savings and Loan Insurance Corporation ("FSLIC," which prior to FIRREA insured most of the thrift industry's deposits) merged or liquidated over 200 insolvent thrifts, and the U.S. Government's General Accounting Office ("GAO") estimated in 1989 that at least 338 additional thrifts were …