Over the last several years, an increasing number of states, including New York, have adopted the UniformVoidable Transactions Act (UVTA), the latest update to the Uniform Voidable Transfer Act. The UVTA made a number of minor changes and updates to the Uniform Fraudulent Transfer Act (UFTA), including changingthe name. What changes were significant? What opportunities to fix problems/vagaries in the UFTA did the drafters miss? What amendments should the UVTA drafters consider?
The steep rise in student loan debt is one of the most pressing issues our country faces as it strives to create a more just and equitable society. Getting a college degree has become steadily more expensive, and graduates are often left with overwhelming debt burdens that sometimes take decades to repay. Coupled with the nondischargeability of student debt under the Bankruptcy Code, the “student debt problem” has become one of the most pressing issues of our time.
This panel will explore the various roles of neutrals in bankruptcy, including applicable provisions of the Bankruptcy Code and Rules, as well as the limitations on the use of neutrals in bankruptcy. Examples of neutral roles in bankruptcy include mediators, fee examiners, subchapter V trustees, and mass tort personal-injury plan administrators. Limitations on the use of neutrals in bankruptcy can be found in Bankruptcy Rule 9031, and there is growing support to modify the rule to eliminate this limitation.
There are situations where the bankruptcy court extends protections to nondebtor parties, either in the form of a release of claims or a stay of litigation, to facilitate the restructuring of a debtor.
ABI’s Legislation Committee had an active year in 2021. We tracked legislation and provided guidance for ABI members, published two newsletters, and hosted engaging panels at the Annual Spring Meeting and Winter Leadership Conference. We also have planned a webinar on the SBRA, and held a virtual happy hour at WLC for membership engagement.
We believe 2022 will also have robust legislative activity, and we look forward to continuing to provide guidance and other valuable content to members. Please see below for more information about our activities in 2021.
As many practitioners already know, it can be enormously difficult for student loan borrowers to discharge their loans in bankruptcy. But through a combination of new case law, potential upcoming administrative action and a series of bankruptcy reform bills, it might be getting just a little bit easier for some student loan borrowers.
Recent Case Shows It’s Not Impossible to Discharge Student Loans in Bankruptcy
One of the most popular support programs developed through the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act was the Paycheck Protection Program (PPP). This program was administered by the U.S. Small Business Administration (SBA) through participating lenders throughout the U.S.
Chapter 12 was added to the Bankruptcy Code in 1986 in response to the farm crisis of the 1980s. Chapter 12 became a permanent part of the Code in 2005. For many reasons, farmers have continued to struggle in the intervening years, causing this chapter to be more relevant than ever. In 2016, farm real estate debt surpassed the 1981 peak. In 2019, commodity prices were 50 percent lower than their peak in 2012, and the weather in 2019 — including massive Midwest floods — prevented American famers from planting 19.6 million acres of crops, more than double any other year since the U.S.