Congress may fix the bankruptcy code

A bankruptcy reform package introduced in Congress on November 19, 1991, would significantly affect financial institutions' exposure on defaulted obligations and recoveries. Title I of the act would establish a 2-year, 9-member commission to investigate and study the issues and problems of the...

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Bibliographic Details
Published in:Bottomline (Washington, D.C. : 1983) D.C. : 1983), 1992-03, Vol.9 (2), p.7
Main Authors: Bantleon, David F, Kresch, Kathy L
Format: Article
Language:English
Subjects:
Bankruptcy
Bankruptcy law
Bankruptcy laws
Bankruptcy reorganization
Bills
Characteristics
Congressional committees
Debt
Design
Federal court decisions
Financial institutions
Implications
Improvements
Interpretation and construction
Legislation
Modifications
Personal bankruptcy
Provisions
Public hearings
Resolutions, Legislative
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Summary:A bankruptcy reform package introduced in Congress on November 19, 1991, would significantly affect financial institutions' exposure on defaulted obligations and recoveries. Title I of the act would establish a 2-year, 9-member commission to investigate and study the issues and problems of the Bankruptcy Code. Because the commission will be forced to study the problems of creditors and debtors, financial institutions will have an unprecedented opportunity to participate in the design of a more responsive statutory structure. Changes proposed under Titles II and III would have the greatest impact on financial institution in bankruptcy proceedings. One of the most significant issues of Title II would create a "fast track" Chapter 10 for small business bankruptcies. Title III would ensure that the Chapter 13 debtor does not modify the claim of the holder of a primary security interest in the real property that is the debtor's primary residence.
ISSN:0740-5464