1) You get to watch people who took risks come to grips with the fact that their risks didn't work out. This is as true of the banks, vendors, and employees as it is of the entrepreneurs or individual debtors. Generally, these are people who aren't used to having things not work out. So it's fascinating to watch people deal with getting less than what they bargained for.
2) Contract law is turned upside down. As the debtor you can reject contracts, change them, assign them, even where ordinary law says you can't.
3) We have a great judge in our jurisdiction, who is smart, respectful, and always prepared. But he's open minded -- even if he arrives at a hearing pretty sure what he's going to rule, he will listen and sometimes changes his mind.
4) It's federal law and federal courts. So you can go anywhere and the rules are the same. And people generally have their act together, which you can't count on in state court.
5) Electronic filing is great.
6) There's the cool interplay between federal and state law that you get to think about from time to time.
7) You realize how stupid it is to associate financial success or material wealth with worthiness. Some of my pro-bono individual debtors are truly inspiring (although some are crazy). Some of the wealthiest individuals are hard to find anything to admire or like about.
8) You get to delve into financial statements of individuals and businesses and learn about what people value, how they make (made) decisions, and where it got them.
9) It moves really quickly. Cases take months, not years. Some even take weeks.
10) Motion practice is cool -- like litigation only without all the ridiculous evidence stuff. Plus you get to do transactions, only under unusual circumstances -- bargaining power is often shifted.
11) There's more but I've got to go...
I am on the Bankruptcy Developments Journal at my school. It wasn't my first choice, but I'm glad I got it because it's far more fascinating than I would ever have thought. It also creepts into every aspect of the law. Unfortunately, my attempts to inspire enthusiasm for bankruptcy on my blog are met with complete apathy.
Posted by: paul | May 01, 2005 at 03:17 PM
I totally agree with what you're saying. I wish more people felt this way and took the time to express themselves. Keep up the great work.
Chris Scanlon
http://www.courtreportingcenter.com
Posted by: Chris Scanlon | January 25, 2006 at 11:49 PM
I hope everyone has enjoyed the blog as much as I have enjoyed writing it.
Rebecca Gilbert
http://www.courtreportingcenter.com
Posted by: Rebecca Gilbert | May 10, 2006 at 12:31 AM