that one or more might default. As the crisis persisted, a very unlikely word crept into these conversations: bankruptcy …. Should Congress provide a bankruptcy option for states, or would bankruptcy be a mistake? The goal of this Article is to … structured as a “case” for bankruptcy, rather than an “on the one hand, on the other hand” assessment. But it seeks to be …

existing U.S. law, distressed municipalities can file for bankruptcy if their state permits this, as roughly half do. The … states themselves do not have a bankruptcy option, however, no matter how bleak their circumstances may be. There have … recently been dramatic developments in the handling of municipal distress. Several cities have filed for bankruptcy under …

. This paper expands the prevailing normative theory of corporate bankruptcy — the Creditors' Bargain theory — to include a … role for bankruptcy as a provider of liquidity. The Creditors' Bargain theory argues that bankruptcy law should be limited … caused by multiple creditor coordination problems. As such, bankruptcy law is justified in solving these problems in addition …

public employee pensions can be restructured in bankruptcy, with a particular focus on Detroit. Part I gives a brief overview … the legal argument for restructuring an underfunded pension in bankruptcy. Part III considers the major federal …

bankruptcy protections. This Article focuses on three of the most important of these issues: the exclusion of brokerage firms … exemption of derivatives from the automatic stay and other basic bankruptcy provisions. In Parts I, II and III of the Article, I … provisions has also raised even more questions, once again most prominently in the Lehman bankruptcy.In the final part of the …

Although the term “bankruptcy” is nowhere to be found in the Bible, debt and the consequences of default are a major … parables.In this essay, I very briefly describe the evolution of bankruptcy, focusing most extensively on a proposal by the … of Biblical teaching on debt and debt relief for modern bankruptcy law, especially American bankruptcy law. The past …

-ranging contributions to bankruptcy scholarship. Jay's functional analysis has had a profound effect on scholars' understanding of key … issues in domestic bankruptcy law, and Jay has been the leading scholarly figure on cross-border insolvency. After surveying … Jay's influence, I turn to the topic at hand: a proposed reform that would facilitate the use of bankruptcy to resolve the …

This article provides a framework for analyzing side agreements in corporate bankruptcy, such as intercreditor and “bad … – to waive some procedural right they would otherwise have under the Bankruptcy Code – at potentially crucial points in the … whether intercreditor agreement disputes should be resolved by the bankruptcy court or outside bankruptcy, and whether forum …

shareholders in bankruptcy, managers' principal allegiance, and many other issues. In Section III, I consider two major shifts that … risk in bankruptcy — and consider its potential relevance for the hotly debated, current question of the scope of a secured … creditor's lien in bankruptcy …

Since the enactment of the Dodd-Frank Act in 2010, U.S. bank regulation and bankruptcy have become far more closely … intertwined. In this Article, I ask whether the new synthesis of bank regulation and bankruptcy is coherent, and whether it is … administrative process in the U.S., and bankruptcy, which relies more on courts and the parties themselves. I then focus on a series …