Bankruptcy

This is FindLaw's collection of Bankruptcy articles, part of the Finance section of the Corporate Counsel Center. Bankruptcy law is federal statutory law contained in Title 11 of the United States Code. Congress passed the Bankruptcy Code under its constitutional grant of authority to "establish... uniform laws on the subject of Bankruptcy throughout the United States." Bankruptcy proceedings are supervised by and litigated in the United States Bankruptcy Courts. Find information about bankruptcy laws, including answers to some of the most frequently asked questions. Law articles in this archive are predominantly written by lawyers for a professional audience seeking business solutions to legal issues. Start your free research with FindLaw.

Bankruptcy Articles
    • DuPont in Our Backyard
      It has been more than 10 years since the chair of DuPont asked his legal department to determine how the company could get better value for its legal dollar. Otherwise put, the general counsel was asked to figure out how to reduce outside counsel ...

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    • Dischargeability of Income Tax Bankruptcy
      Although having knowledge that taxes are dischargeable in bankruptcy, many attorneys still perceive that the tax collector elbows everyone aside and gets paid. Personal income taxes are dischargeable. Practitioners should know the basic requirements ...

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    • Creditor's Reclamation Rights Rendered Valueless Against Rights of Secured Creditor
      In Galey & Lord, Inc. v. Arley Corporation (In re Arlco, Inc.), the United States Bankruptcy Court for the Southern District of New York held that a creditor's reclamation rights were subordinate to the rights of a perfected secured creditor in the ...

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    • Court Allows Reimbursement Of Attorneys' Fees to Member Of Creditors' Committee
      The United States Court of Appeals for the Third Circuit recently held that the Bankruptcy Code provision that authorizes reimbursement of expenses to a member of a creditors' committee also authorizes reimbursement of attorneys' fees incurred by a ...

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    • Chapter 7 General Information
      A Chapter 7 is a procedure under the U.S. Bankruptcy Code to obtain Court protection of a person's or business's property, and liquidate assets that the debtor cannot exempt and keep. An individual or couple can obtain a discharge from debts ...

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    • Legal Insurance Plans
      Although not new, legal insurance plans are gaining acceptance at an ever increasing rate. Legal insurance plans most closely resemble medical HMO's or PPO's which have already become common, affordable and cost effective means of obtaining health ...

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    • You Have the Right to Work. Don't Let Anyone Take It Away.
      You Have The Right To Work. Don't Let Anyone Take It Away. Real Life Stories That Can Help You. --- Real Life Stories That Can Help You. This brochure will tell the stories of four people. These individuals applied for jobs but were turned away ...

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    • Bankruptcy: The Silver Bullet of Tax Defense
      Many individuals, including accountants and lawyers, are under the misconception that taxes are not dischargeable in bankruptcy. Nothing could be further from the truth. Although there are a number of technical rules which can trap the unwary, most ...

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    • Are Contractual Rights In Subordination Agreements Fully Enforceable in Bankruptcy?
      When multiple lenders extend credit to the same borrower, the lenders frequently enter into inter-creditor or subordination agreements to set forth the priority of repayment rights against the borrower and its assets. The Bankruptcy Code provides ...

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    • Financial Services Update
      In an important and recent decision, the Third Circuit dismissed a Chapter 11 petition when a financially healthy debtor lacked a valid re-organizational purpose. The debtor, therefore, surmised the Court, lacked the requisite "good faith" to file a ...

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