Has the Time Come to Repeal Chapter 13?

Symposium: As We Forgive Our Debtor

What\u27s Right About Chapter 11

I will not focus principally on the proposed alternatives to Chapter 11. My focus instead is on Chapter 11. While certainly there are difficulties with Chapter 11 as practiced, I believe it has some unrecognized or underemphasized virtues, virtues that will be lost if Chapter 11 is replaced in one of the radical ways that has been proposed

Secured Creditors and Consumer Bankruptcy in the United States

This article first summarizes the many restrictions that the American consumer bankruptcy system imposes on the enforcement of the contractual rights of secured creditors. The restrictions include the ability, in Chapter 13 proceedings particularly, of the debtor to strip the lien of the undersecured creditor, releasing the collateral from the lien upon payment, over time, of only the value of the collateral when it is less than the full amount owing. The article then summarizes many changes in the rights of secured creditors currently being proposed and debated in Congress. The author concludes with his own proposals that would enhance the rights of secured creditors, and make lien stripping less available in American bankruptcy proceedings

Comment

Stuart Gilson, writing sometimes with Michael Vetsuypens, has produced an impressive body of empirically based scholarship documenting extensive creditor control over financially distressed firms.\u27 This work should end the practice of starting an analysis with the assumption that management in financially distressed firms remains loyal to equity interests