Fall 2007 - Bankruptcy
Clark, Leif M
Course ID: 342M Unique # 28670 Credit Hours: 3
2:00 pm - 3:15 pm
2:00 pm - 3:15 pm
Thursday, December 13
This course is restricted to upper division students only.
This course principally covers the U.S. Bankruptcy Code, and includes both consumer and business bankruptcy, as well as an introduction to state law collection issues, though the emphasis is on business bankruptcy. Students learn the basic concepts of "straight" bankruptcy liquidation (chapter 7), in which a trustee is appointed to sell the debtors assets and pay the proceeds to the creditors. For consumers, that topic includes the fresh start -- the discharge of all pre-existing debt and the identification of exempt assets. More than half of the course is devoted to basic bankruptcy concepts as applied in business reorganizations under chapter 11, including the legal requirements for confirmation of a plan of reorganization and the "cram down" of recalcitrant creditors.
Related Course Areas
Principal attention is given to the substance of the bankruptcy laws, including the avoiding powers (preferences, fraudulent conveyances, and cancellation of executory contracts), treatment of secured creditors (including the automatic stay against repossession or foreclosure), and priorities in asset distribution. Questions of jurisdiction and procedure are introduced, though they are not the major focus of the course. The course attempts to give balanced attention to the practical realities of negotiation and leverage within a complex of doctrinal rules, as well as to the social and economic consequences of the bankruptcy system. The course also integrates bankruptcy issues with other areas of practice likely to be affected - intellectual property, mass tort litigation, securities, commercial lending (including real estate mortgages), and insurance. The course instructor brings to the course the "real world" experience and perspective of over 20 years as a U.S. Bankruptcy Judge.
Prerequisite: Secured Credit (which may be taken concurrently, i.e., during the same semester).