Bankruptcy Reform and the Financial Crisis
Melissa B. Jacoby
University of North Carolina (UNC) at Chapel Hill - School of Law
North Carolina Banking Institute, 2009
UNC Legal Studies Research Paper No. 1335540
As part of an exchange on the financial crisis generated from a roundtable discussion at the University of North Carolina School of Law, this commentary observes the sharp shift in public discourse on, and regulatory interest in, the federal bankruptcy system, financially distressed homeowners, and judicial discretion, presumably brought about by the changed financial climate. That shift is reflected in stark differences between the 2005 amendments to the Bankruptcy Code (BAPCPA) and pending proposals to enable home mortgage modification in chapter 13 bankruptcy cases. I identify several challenges associated with using bankruptcy law to pursue current housing and economic policy goals and offer suggestions on how to manage those challenges, including the repeal of BAPCPA.
Number of Pages in PDF File: 7
Keywords: Bankruptcy, foreclosure, homeownership, financial crisis, judicial discretion
Date posted: January 30, 2009 ; Last revised: March 25, 2009
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