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.
Finance
Bankruptcy Articles
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Bankruptcy and the Secured Creditor
In the last few years there have been a number of widely publicized bankruptcies such as Eastern Airlines and Macy's. In North Carolina we have seen Brendle's, Piece Goods and Roses Department Stores file for bankruptcy protection. From 1984 to ...
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Bankruptcy: Appointment/Modification of Creditor Committees
This case involved the bankruptcy of a debtor corporation caused by the filing of thousands of individual tort claims. The U.S. Trustee appointed as members of the Official Committee of Tort Claimants ("OCTC") a number of attorneys who each ...
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Bankruptcy Case Properly Reopened; Complaint Opposing Discharge Improperly Dismissed
Defendant filed for Chapter 7 bankruptcy in 1982, and her debts were discharged. Plaintiff, who was not listed as a creditor, sued Defendant in Oakland County Circuit Court in 1984 for medical malpractice and obtained a default judgment for $300,000 ...
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Bankruptcy Code Sections 106(a) and (b) Unconstitutional Under Eleventh Amendment
A bankruptcy trustee brought a preference action against the Michigan Employment Security Agency ("MESA"), contending that certain payments of outstanding taxes on the debtor's employer account were made pursuant to an invalid lien and within the ...
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Bankruptcy: Court Has Power to Restructure Student Loan Obligation
Plaintiff was a Chapter 7 debtor who filed an adversary proceeding to obtain discharge of his student loan, or alternatively, to restructure the obligation. The bankruptcy court held that the debtor was not entitled to a total discharge, and that ...
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Bankruptcy In Brief
Bankruptcy is governed by the federal law found at Title 11 of the United States Code. As federal law, it supercedes any conflicting state law by reason of the Supremacy Clause of the Constitution. With the exception of exemptions, it is the same ...
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Bankruptcy Legislative Update
As widely reported, Congress considered a number of significant amendments to the Bankruptcy Code in the second half of 1998, including a comprehensive bankruptcy reform bill. Although this comprehensive bill was not enacted, several significant ...
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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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Bankruptcy: The Year 2001 Solution: Welcome To The 21st Century
Whether a victim of a Y2K problem, or a perpetrator, the common denominator will be LIABILITY. Each Y2K "incident" will cause some economic damage and, inevitably, someone will owe money to someone else -- in some cases, lots of money. No kidding ...
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Bankruptcy: Voidable Transfers Recoverable from All who Benefited
The bankruptcy trustee sued to recover certain transfers that he alleged were fraudulent conveyances and/or preferences. The bankruptcy court ruled that the transfers were voidable, but limited recovery solely against the transferees of the funds ...
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