LAWS 396 - Bankruptcy & Creditors' Rights
(4 cr.) As events of the Great Recession have demonstrated, insolvency and the potential for insolvency affect many transactions and complicate efforts to enforce judgments and to resolve disputes. Practitioners in many fields including lending, commercial transactions, general litigation and family law will confront a bankruptcy issue at some point in their careers. We will begin with an overview of the various state law creditor remedies and debtor protections. The course will focus primarily on relief available for consumer and business debtors and the treatment of claims of secured and unsecured creditors under the Bankruptcy Code. We will explore issues in Chapter 7 (liquidation), Chapter 13 (individual reorganization) and Chapter 11 (business reorganization) bankruptcies. We will survey out-of-court procedures such as workouts, sales under the UCC, compositions, receiverships and assignments for the benefit of creditors. Class discussion will focus more on problems than cases. The class will apply legal principles in discussing solutions to practical problems. To the extent feasible we will have guests who practice in the field, will examine pleadings in actual cases and will provide practice pointers to assist students in the transition to becoming a lawyer. Every Year, All

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