Bankruptcy

Jacoby section: The possibility of bankruptcy is in the backdrop to every loan, contract, transaction, and investment. This course explores the law and policy of the federal bankruptcy system in addressing problems of financially distressed individuals, families, small businesses, and mega-corporations, and their creditors and other stakeholders (e.g., banks and other institutional lenders, governments, spouses and children, employees, retirees, tort claimants, trade suppliers, landlords, bondholders). This course involves both the advanced preparation of problems and close reading of statutory materials.

Gibson section: This course is devoted to the study of federal bankruptcy law. Included within the course coverage are consumer bankruptcy (including Chapter 7 and Chapter 13 bankruptcies); and business bankruptcy (including Chapter 11 and the trustee's avoiding powers).

Jacoby section: This course is appropriate for 2Ls and 3Ls. It has some overlap with secured transactions, but there is no required sequencing between the two. For some students, bankruptcy is a more useful general commercial course than secured transactions, notwithstanding the school's labeling of secured transactions as "core" and this course as "non-core." Feel free to come talk to me if you have questions about taking one, the other, or both.

Gibson section: There is some overlap in the coverage of this course and secured transactions, primarily in the area of the trustee's avoiding powers. No prior knowledge of secured transactions is assumed, however, and this course may be taken before, during, after, or in place of secured transactions.

Gibson section: None

Jacoby section: Note that this bankruptcy course (or Professor Gibson's bankruptcy course) is itself a prerequisite to take the business bankruptcy transition to practice class.