Bankruptcy
Overview
Bankruptcy law allows debtors, who are unable or partially unable to pay outstanding debts, to rid themselves of these debts and obtain a fresh start. As stated by the United States Supreme Court, bankruptcy gives "the honest but unfortunate debtor ... a new opportunity in life and a clear field for the future, unhampered by the pressure and discouragement of preexisting debt." (Local Loan Co. v. Hunt, 292 U.S. 234, 244 (1934)).
Federal bankruptcy law consists of statutes published in the Bankruptcy Code (11 U.S.C. § 101-1330). In addition, state statutory law on bankruptcy also address areas delegated to states or not covered by federal law. Debtors usually file bankruptcy cases in Federal Bankruptcy Court (an adjunct of the Federal District Courts).
Featured Cases
In Re: Gayle Mullen
8:2011cv00650
Filed in California Central District Court
Type of Suit: Other
Appellant: Helvetica Capital Funding LLC, Richard A Marshack and Gayle Mullen. In Re Debtor: Gayle Mullen. Appellee: US Trustee.
Judge: George H. KingGrochocinski v. Mayer Brown Rowe & Maw LLP et al
1:2006cv05486
Filed in Illinois Northern District Court
Type of Suit: Other Contract
Plaintiff: David Grochocinski; Defendant: Mayer Brown Rowe & Maw LLP, Ronald B Given
Judge: Virginia M. Kendall
Cause Of Action: Petition for RemovalNIFONG v. EVANS et al
1:2008cv00441
Filed in North Carolina Middle District Court
Type of Suit: Appeal
Appellant: MICHAEL B. NIFONG, Appellee: DAVID F. EVANS, COLLIN FINNERTY, READE SELIGMANN, Debtor: MICHAEL B. NIFONG, Interested Party: MICHAEL D. WEST, Trustee: SARA A. CONTI
Judge: JAMES A. BEATY JR.
Cause Of Action: Federal QuestionA&E Partners Holding, LLC et al v. IAC/Interactive Corp.
1:2008cv04734
Filed in New York Southern District Court
Type of Suit: Other Contract
Plaintiff: A&E Partners Holding, LLC, A&E Partners Holding I, LLC; Defendant: IAC/Interactive Corp.
Judge: John G. Koeltl
Cause Of Action: Federal QuestionLeo Stoller vs. Google Inc
1:2007cv00092
Filed in Illinois Northern District Court
Type of Suit: Appeal
Appellant: Leo Stoller Creditor: Pure Fishing, Inc. Appellee: Google Inc
Judge: William J. Hibbler
Cause Of Action: Notice of Appeal re Bankruptcy Matter (BAP)
Dockets
Smalls v. Federal National Mortgage Association
4:2012cv00049
Filed in Georgia Southern District Court
Type of Suit: Appeal
Appellant: Kianas Jillette Small. Appellee: Federal National Mortgage Association. Trustee: Benjamin R. Roach and Office of the U.S. Trustee, 7.
Judge: William T. Moore
Cause Of Action: Bankruptcy Appeal from Judgment/OrderEast Holly Oil, Inc
2:2012cv10587
Filed in Michigan Eastern District Court
Type of Suit: Withdrawal
Appellant: Kevin Badran, East Holly Oil and Badran Investment, LLC. Appellee: Clarkston State Bank and J. Grant Smith.
Judge: Lawrence P. ZatkoffVaughan v. Rixey et al
2:2012cv00074
Filed in Virginia Eastern District Court
Type of Suit: Appeal
Appellant: Michael Lee Vaughan. Appellee: J. Barbour Rixey, Jr. and Carolyn L. Camardo.
Judge: Henry C. Morgan
Cause Of Action: Bankruptcy Appeal from Judgment/OrderAbdulla v. Coleman
4:2012cv00045
Filed in Georgia Southern District Court
Type of Suit: Appeal
Appellant: Sohail Abdulla. Appellee: Edward J. Coleman, III. Trustee: Office of the U.S. Trustee, 11. Debtor: Sportman's Link, Inc.
Judge: William T. Moore
Cause Of Action: Bankruptcy Appeal from Judgment/OrderTaggart v. Brown et al
3:2012cv00236
Filed in Oregon District Court
Type of Suit: Appeal
Appellee: Stuart M. Brown, Terry W. Emmert and Keith Jehnke. Appellant: Bradley Weston Taggart.
Judge: Michael W. Mosman
Cause Of Action: Notice of Appeal re Bankruptcy Matter (BA
Legislation
Bill Signed by President: H.R.2056 To instruct the Inspector General of the Federal Deposit ...
To instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures, and for other purposes.
January 02, 2012: Signed by President.Bill Introduced: H.R.3682 Small Business Health Fairness Act of 2011
To repeal the Patient Protection and Affordable Care Act and provide for comprehensive health reform, and for other purposes.Bill Signed by President: H.R.2192 National Guard and Reservist Debt Relief Extension Act of 2011
To exempt for an additional 4-year period, from the application of the means-test presumption of abuse under chapter 7, qualifying members of reserve components of the Armed Forces and members of the National Guard who, after September 11, 2001, are called to active duty or to perform a homeland defense activity for not less than 90 days.
December 12, 2011: Signed by President.Bill Introduced: H.R.3530 Freddie Mac Debt Reduction Act of 2011
To require the exercise of clean-up call options under securities issued by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and to prohibit any new mortgage-backed securities issued by such enterprises to contain provisions for a clean-up call option.Bill Enacted: H.R.2112 Department of Justice Appropriations Act, 2012
An act making consolidated appropriations for the Departments of Agriculture, Commerce, Justice, Transportation, and Housing and Urban Development, and related programs for the fiscal year ending September 30, 2012, and for other purposes.
November 17, 2011: Became Public Law No: 112-55.
Articles
Driven by Debt: Bankruptcy and Financial Failure in American Families
BROKE: HOW DEBT BANKRUPTS THE MIDDLE CLASS, Introductory Chapter, Katherine Porter, ed., Stanford University Press, 2012 , UC Irvine School of Law Research Paper No. 2012-3 Katherine M. Porter University of California - Irvine School of Law Date Posted: January 30, 2012 Working Paper Series Regulating Shadow Banking Steven L. Schwarcz Duke University - School of Law Date Posted: January 30, 2012 Working Paper Series 25 downloads Small Ball Texas Law Review, Vol. 90, p. 9, 2011, Univ. of Wisconsin Legal Studies Research Paper No. 1185 William C. Whitford University of Wisconsin Law School Date Posted: January 25, 2012 Accepted Paper Series 3 downloads Are Bailouts Inevitable? Yale Journal on Regulation, 2012 Randall D. Guynn Davis Polk & Wardwell Date Posted: January 23, 2012 Accepted Paper Series 22 downloads Race, Attorney Influence, and Bankruptcy Chapter Choice Journal of Empirical Legal Studies, Forthcoming, Arizona Legal Studies Discussion Paper No. 12-02 Jean Braucher , Dov Cohen and Robert M. Lawless University of Arizona - James E. Rogers College of Law , University of Illinois and University of Illinois College of Law Date Posted: January 22, 2012 Last Revised: February 07, 2012What is Securitization? And for What Purpose?
Southern California Law Review, Vol. 85, No. 5, 2012 Steven L. Schwarcz Duke University - School of Law Date Posted: February 03, 2012 Accepted Paper Series 23 downloads Reforming Sovereign Lending Practices: Modern Initiatives in Historical Context UNC Legal Studies Research Paper Mark C. Weidemaier University of North Carolina (UNC) at Chapel Hill - School of Law Date Posted: February 02, 2012 Working Paper Series 10 downloads Re: Defining Securitization Southern California Law Review, 2012, Univ. of Wisconsin Legal Studies Research Paper Jonathan C. Lipson University of Wisconsin Law School Date Posted: February 01, 2012 Accepted Paper Series 29 downloads Governments as Investors of Last Resort: Credit Crisis Comparative Case Studies Theoretical Inquiries in Law, 2012, ECGI - Law Working Paper No. 187/2012 Gerard Hertig ETH Zurich Date Posted: January 31, 2012 Last Revised: February 06, 2012Information and Priority Rules
Michael Hewer University of Bonn Date Posted: January 05, 2012 Working Paper Series 11 downloads Mexico's Retrogression: Implications of a Bankruptcy Reorganization Gone Wrong Arturo C. Porzecanski American University Date Posted: January 05, 2012 Working Paper Series 4 downloads The Scope and Implications of Stern v. Marshall, 131 S. Ct. (2011) Michael St. Patrick Baxter , Elizabeth Gibson , Randal C. Picker and R. Patrick Vance Covington & Burling LLP , University of North Carolina (UNC) at Chapel Hill - School of Law , University of Chicago - Law School and Jones Walker Date Posted: January 05, 2012 Working Paper Series 398 downloads Bank Act â PPSA Interaction: Still Waiting for Solutions Roderick J. Wood University of Alberta - Faculty of Law Date Posted: January 02, 2012 Working Paper Series 17 downloads Security Rights in Article 5 EU Insolvency Regulation - A Comparison of German and Dutch Law and the Paradigm of Communication and Coordination Robbert Walstra affiliation not provided to SSRN Date Posted: January 02, 2012 Working Paper Series 13 downloads Bankruptcy, Backwards: The Problem of Quasi-Sovereign Debt Yale Law Journal, Vol. 121, p. 888, 2012, American University, WCL Research Paper No. 2012-06 Anna Gelpern American University Washington College of Law Date Posted: December 24, 2011 Last Revised: February 04, 2012From Crisis to Crisis: The Global Financial System and Regulatory Failure
Kluwer Law International, 2011, University of Hong Kong Faculty of Law Research Paper No. 2012/002 Ross P. Buckley and Douglas W. Arner University of New South Wales (UNSW) - Faculty of Law and University of Hong Kong - Faculty of Law - Department of Law Date Posted: January 05, 2012 Last Revised: February 03, 2012Striking Out on Their Own: The Self-Employed in Bankruptcy
BROKE: HOW DEBT BANKRUPTS THE MIDDLE CLASS, Katherine Porter, ed., Stanford University Press, 2012, Illinois Program in Law, Behavior and Social Science Paper Robert M. Lawless University of Illinois College of Law Date Posted: January 10, 2012 Accepted Paper Series A Dialogue on the Costs and Benefits of Automatic Stays for Derivatives and Repurchase Agreements U of Penn, Inst for Law & Econ Research Paper No. 12-02, Rock Center for Corporate Governance at Stanford University Working Paper No. 108 Darrell Duffie and David A. Skeel Jr. Stanford University - Graduate School of Business and University of Pennsylvania Law School Date Posted: January 09, 2012 Last Revised: January 30, 2012
