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Bankruptcy Reform and the Financial Crisis

North Carolina Banking Institute, 2009

UNC Legal Studies Research Paper No. 1335540

7 Pages Posted: 30 Jan 2009 Last revised: 25 Mar 2009

Melissa B. Jacoby

University of North Carolina School of Law

Abstract

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.

Keywords: Bankruptcy, foreclosure, homeownership, financial crisis, judicial discretion

Suggested Citation

Jacoby, Melissa B., Bankruptcy Reform and the Financial Crisis. North Carolina Banking Institute, 2009; UNC Legal Studies Research Paper No. 1335540. Available at SSRN: https://ssrn.com/abstract=1335540

Melissa Jacoby (Contact Author)

University of North Carolina School of Law ( email )

Van Hecke-Wettach Hall, 160 Ridge Road
CB #3380
Chapel Hill, NC 27599-3380
United States

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