Contact: John Hartgen
Phone: (703) 739-0800
Email: jhartgen@abiworld.org
WINTER
ISSUE OF THE
size='3'>ABI LAW
REVIEW TAKES A CLOSER LOOK AT THE NEW
BANKRUPTCY LAW
FEBRUARY 8,
2006,
size='3'>Va.
The American Bankruptcy Institute (ABI) announces the publication of the
Winter 2005 issue of the
size='3'>ABI Law Review (Volume 13, No. 2),
featuring 15 articles taking an in-depth look at the Bankruptcy Abuse
Prevention and Consumer Protection Act of 2005 (BAPCPA) from leading
academics and practitioners. Beyond merely descriptive pieces, these
articles break apart the language and legislative history of the new law
to give fresh insight into how BAPCPA will work in practice. The issue
is dedicated to the late Chief Judge Conrad B. Duberstein and includes
two tribute articles.
Prof.
face='Times New Roman' size='3'>Charles J. Tabb
size='3'>of the
w:st='on'>
size='3'>University
size='3'>Illinois
size='3'>writes on the background behind the seven amendments to the law
of preferences introduced by BAPCPA and how they might be applied to
reduce litigation.
In “Rash and
Ride-Through Redux: The Terms for Holding on to Cars, Homes and Other
Collateral under the 2005 Act,” Prof. Jean Braucher of the
University of Arizona explores the questions left unanswered by BAPCPA
pertaining to the ride-through of real property in a bankruptcy
proceeding.
Looking at the new
involuntary filing provision of BAPCPA of an individual chapter 11 case,
an article by Robert
Keach of Bernstein, Shur, Sawyer & Nelson
PA (Portland, Maine) assesses the constitutional arguments under the
Thirteenth Amendment against involuntary filings.
Prof.
face='Times New Roman' size='3'>Jay Westbrook
size='3'>of the
size='3'>of
size='3'>Texas
created chapter 15 filing, which addresses cross-border bankruptcies and
tries to answer the question of whether a foreign discharge will be
recognized in the
w:st='on'>
size='3'>U.S.
In an article titled
“”Enron and the New Disinterestedness- The Foxes Are
Guarding the Henhouse,” Dean Nancy Rapoport of the
University of Houston draws on her work on the Enron bankruptcy to
attack BACPCA’s changes to the “disinterestedness
standard,” which previously ruled out certain investment bankers
from advising or working for a company in bankruptcy in which they may
have a conflict of interest.
size='3'>
size='3'>Hank Hildebrand of Lassiter, Tidwell
& Hilldebrand PLLC (
w:st='on'>
size='3'>Nashville
w:st='on'>
size='3'>Tenn.
the complicated new notice requirements in Section 342 of BACPCA and
finds them both cumbersome and potentially
unmanageable.
Profs.
face='Times New Roman' size='3'>Karen Gross of
the
size='3'>Law
face='Times New Roman' size='3'>School
size='3'>and Susan Block-Lieb of
w:st='on'>
size='3'>Fordham
face='Times New Roman'
size='3'>University
size='3'>examine the new counseling and debtor education requirements
for a consumer to follow prior to filing for bankruptcy and suggest
standards for monitoring credit counselors providing the services to
consumers.
The new “means
test” of the BACPCA will make it harder and more expensive for
low-income debtors to file for bankruptcy, which Dean
face='Times New Roman' size='3'>Peter Alexander
size='3'>of Southern Illinois University writes will nullify the
benefits of the “domestic support obligations” within the
law. Alexander argues that this will be especially harmful to women and
children.
size='3'>Lawrence Ahern of Greenebaum Doll
& McDonald PLCC (
w:st='on'>
size='3'>Nashville
w:st='on'>
size='3'>Tenn.
what remains of the homestead and asset-protection exemption after the
new provisions of BAPCPA.
Prof.
face='Times New Roman' size='3'>David Epstein
size='3'>of Southern Methodist University and
face='Times New Roman' size='3'>Lisa Normand
size='3'>considers the state of non-monetary obligations, such as an
unexpired lease of real property, and defaults after
BAPCPA.
In his article titled
“Financial Contracts and the New Bankruptcy Code: Insulating
Markets from Bankrupt Debtors and Bankruptcy Judges,” Prof.
Edward Morrison
of Columbia Law School and attorney
face='Times New Roman' size='3'>Joerg Riegel
size='3'>break down the financial contracts title of the new
law.
The new “means
test” nearly eliminates the role of a bankruptcy judge in
determining whether to dismiss a chapter 7 filing over whether a debtor
can pay their creditors, according to an article by Profs.
Marianne Culhane
and
size='3'>Michaela White of
w:st='on'>
size='3'>Creighton
face='Times New Roman'
size='3'>University
size='3'>.
Profs.
face='Times New Roman' size='3'>Jack Williams
size='3'>of
size='3'>Georgia
face='Times New Roman' size='3'>State
size='3'>University
Jacob Todres
size='3'>of
w:st='on'>St. John’s
w:st='on'>
size='3'>University
size='3'>examine the tax consequences of post-petition income as
property of the estate for individual debtors in a chapter 11
filing;
The article
“Garnishment Restrictions and the Involuntary Chapter 11:
Rethinking
size='3'>Kokoszka in a Means Test
World,” written by Prof.
size='3'>G. Ray Warner of St. John’s
University looks at the application of garnishment restrictions to
bankruptcy cases and the involuntary chapter 11.
Prof.
face='Times New Roman' size='3'>Ralph Brubaker
size='3'>of the
w:st='on'>
size='3'>University
size='3'>Illinois
size='3'>examines the new amendments of the BAPCPA that make certain
corporate fraud debs nondischargeable.
Also included are case
notes, an LL.M. thesis from one of
w:st='on'>St.
John’s
bankruptcy students, and an analysis of the Supreme Court¹s
Rousey
size='3'>decision by Prof.
size='3'>John Hennigan.
size='3'>ABI’s Law Review, published in
conjunction with St. Johns University School of Law in
size='3'>, N.Y., is among the most respected scholarly publications in
the bankruptcy community. The
size='3'>Law Review was cited by the U.S.
Supreme Court in last year’s Till decision, in both the
majority and minority opinions. Distributed to all ABI members as a
benefit of membership, the
size='3'>ABI Law Review has the largest
circulation of any bankruptcy law review. Past issues of the
Law Review
size='3'>have focused on international insolvency, single-asset cases,
high-tech and e-commerce bankruptcies, consumer bankruptcy, the revised
Article 9 of the Uniform Commercial Code and other topics. Past issues
can be viewed at
http://www.abiworld.org/Content/NavigationMenu/Publications/ABI_Law_Rev…
by ABI members. Copies are available for purchase through
href='http://west.thomson.com/store/product.asp?product_id=15317606&catalog_n…'>
face='Times New Roman' size='3'>Thomson West's online publications
catalog or by calling
(800) 328-9352.
###
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education on matters related to insolvency. ABI was founded in 1982 to
provide Congress and the public with unbiased analysis of bankruptcy
issues. The ABI membership includes more than 11,000 attorneys,
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specialists and other bankruptcy professionals providing a forum for the
exchange of ideas and information. For additional information on ABI,
visit www.abiworld.org. For additional conference information,
visit
face='Times New Roman'
size='3'>http://www.abiworld.org/conferences.html
face='Times New Roman' size='3'>.