Why So Many Bankruptcies and What to Do About It: An Economic Analysis of Consumer Bankruptcy Law and Bankruptcy Reform

2003 ◽  
Author(s):  
Todd J. Zywicki
Keyword(s):  
Economic Analysis ◽  
Bankruptcy Law ◽  
Consumer Bankruptcy

scholarly journals The Retreat of American Bankruptcy Law

2017 ◽  
Vol 17 (1) ◽  
pp. 40
Author(s):  
Jay Westbrook
Keyword(s):  
United States ◽  
21St Century ◽  
Empirical Studies ◽  
The United States ◽  
Bankruptcy Law ◽  
Collection Device ◽  
Consumer Bankruptcy ◽  
First Time ◽  
Reduction Of Costs

In 2005 the United States adopted provisions constraining the bankruptcy ‘fresh start’ for the first time in its history. This paper describes the experience under the 2005 amendments over the decade since their enactment, including the data reported by empirical studies of their effects. It suggests a reappraisal of the goals of consumer bankruptcy law in the 21st century, including the simplification and reduction of costs that would arise from abandoning the idea that bankruptcy law should be used as a collection device for professional creditors in consumer cases. It discusses various possible approaches for a new reform while emphasising the importance of the continuing role of lawyers and courts in the consumer bankruptcy process.  

scholarly journals Bankruptcy Law—Rethinking the Discharge of Late Filed Taxes in Consumer Bankruptcy

2018 ◽  
Author(s):  
Justin H. Dion ◽  
Barbara Curatolo
Keyword(s):  
Consumer Protection ◽  
Income Tax ◽  
Abuse Prevention ◽  
Bankruptcy Law ◽  
Due Date ◽  
Consumer Protection Act ◽  
Consumer Bankruptcy ◽  
Tax Returns ◽  
Bankruptcy Code

Published: Justin H. Dion & Barbara Curatolo, Bankruptcy Law—Rethinking the Discharge of Late Filed Taxes in Consumer Bankruptcy, 40 W. NEW ENG. L. REV. 197 (2018).The 2005 amendments to the Bankruptcy Code, Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was enacted in order to improve bankruptcy law. However, BAPCPA has made the issue of whether late-filed taxes are dischargeable even murkier than before the amendments. After BAPCPA, some courts continued to analyze claims as they had before the amendment. Others used a “one-day-late rule” that prevented late-filed taxes from being dischargeable—even if the taxes were filed only one day late. This Article suggests a different approach. It argues that the legislature intended tax debt associated with late-filed income tax returns be dischargeable if the return is filed within two years of the due date. *

Sign in / Sign up

Export Citation Format

Share Document