Why I Love Bankruptcy Law

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...

Comments

[paul]

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.

[Chris Scanlon]

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

[Rebecca Gilbert]

I hope everyone has enjoyed the blog as much as I have enjoyed writing it.

Rebecca Gilbert

http://www.courtreportingcenter.com

[Air Jordan shoes]

Things are encounterable, yet unseekable.when i first pay my attention to here i know it deserves my time to read it. Good day ,for my sincere wishes.]

[Joe]

I have a problem with the new bankruptcy laws. Of course I have a problem with how bankrutpcy is viewed by some in society as well. In our society individual bankruptcy is often frowned upon by people who claim to have morals. Yet businesses get a free pass. I mean a business can file bankrutpcy as many times as it see fits and the owner or CEO is not in any viewable manner critisized. It's even worse with new bankruptcy laws. Individuals are burdened with riduclous paper work while businesses and corporations are given a free ticket. I personally think bankruptcy is cool. It's a way to get out of a bad situation and many times it's the best way to do so. I just think the law is unfair to the individual and to leinant to the buisiness or corporation. Good Day, Joe.