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debtor
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Federal bankruptcy law ("Bankruptcy Code") serves two purposes: to allow creditors to share equally in the assets of the debtor's estate and to provide the honest debtor a fresh start. The equal distribution purpose is achieved when the debtor files for bankruptcy and the debtor's property becomes part of the estate for equal distribution to creditors. A conflict between these two overarching purposes of bankruptcy law arises when a trustee tries to avoid a debtor's prepetition transfer of an asset that the debtor would have otherwise been able to exempt from the estate. Despite policy support, textual support in the Bankruptcy Code, and Congressional intent, courts continue to reach inconsistent conclusions regarding whether a trustee can avoid a debtor's prepetition transfer of exempt...
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A controversy is brewing, both in the courts and among legal commentators, regarding the proper rate of interest payable to holders of general unsecured claims in so-called "solvent debtor" cases -- chapter 11 cases in which the debtor emerges as a solvent entity. Interest rates for moneys advanced in commercial lending transactions, whether under a bond indenture or a bank credit facility, have been considerably higher in recent years than the federal judgment rate, which courts traditionally have applied to calculate postpetition interest owed on account of unsecured claims. In chapter 11 bankruptcy proceedings, holders of general unsecured claims typically are not entitled to payment of interest that accrues in respect of such claims on and after the date of the debtor's bankruptcy f...
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The fiduciary duties of a bankrupt debtor in possession have not been discussed in detail by the courts. This Note makes a simple and original claim about such duties: that the fiduciary duties of a bankrupt debtor in possession are too low and should be reformed to comport with fiduciary duty standards in related areas of the law, most notably corporate law. In particular, the Note advocates a duty to disclose relevant information about the value of assets dispersed in a bankruptcy proceeding. In coming to this conclusion, the Note considers relevant sections of the Bankruptcy Code, legal precedent, economic analysis, and other bankruptcy policy considerations such as preventing fraud and protecting the honest but unfortunate debtor. Focusing on one important aspect of bankruptcy law, ...
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A Chapter 7 debtor could not obtain a bankruptcy discharge of a $300,000 award for loss of consortium stemming from the attempted murder of his ex-wife, the 7th Circuit has ruled in affirming judgment. The debtor received life imprisonment after he beat his ex-wife with a baseball bat and stuffed her in a garbage can filled with snow. The woman survived the attack and sued the debtor for personal injury. A state court awarded her $3.4 million. In addition, the woman's current husband and children received $300,000 for loss of consortium.
