Book Description

Bankruptcy in America, in stark contrast to its status in most other countries, typically signifies not a debtor's last gasp but an opportunity to catch one's breath and recoup. Why has the nation's legal system evolved to allow both corporate and individual debtors greater control over their fate than imaginable elsewhere? Masterfully probing the political dynamics behind this question, David Skeel here provides the first complete account of the remarkable journey American bankruptcy law has taken from its beginnings in 1800, when Congress lifted the country's first bankruptcy code right out of English law, to the present day.

Skeel shows that the confluence of three forces that emerged over many years--an organized creditor lobby, pro-debtor ideological currents, and an increasingly powerful bankruptcy bar--explains the distinctive contours of American bankruptcy law. Their interplay, he argues in clear, inviting prose, has seen efforts to legislate bankruptcy become a compelling battle royale between bankers and lawyers--one in which the bankers recently seem to have gained the upper hand. Skeel demonstrates, for example, that a fiercely divided bankruptcy commission and the 1994 Republican takeover of Congress have yielded the recent, ideologically charged battles over consumer bankruptcy.

The uniqueness of American bankruptcy has often been noted, but it has never been explained. As different as twenty-first century America is from the horse-and-buggy era origins of our bankruptcy laws, Skeel shows that the same political factors continue to shape our unique response to financial distress.

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Reviews (1)

A thorough, well-written history of US bankruptcy law
Mr. Skeel's book is an excellent description of the meandering history of bankruptcy legislation in the United States, linked to the conflicting reactions bankruptcy legislation has always provoked (debtors are expected to pay; but those who for, reasons beyond their control, become unable to do it, are morally entitled to relief and to a fresh start). The book's introductory chapter explains well the basic legal concepts underlying subsequent chapters and makes the book quite accesible to non-specialists. Besides factual information about legislative changes since the beginning of the XIX century - I found particularly interesting Chapter 2, on how judges created de facto a regimen akin to modern Chapter 11 to deal with bankrupt railroads-, the book frames some of those changes in terms of "public choice" theory. For instance, I found interesting Mr. Skeel's view that the conflicting preferences of the various political groups represented in Congress led to a pattern of cyclical majorities among three alternatives (i.e. a)no bankruptcy law b)strict, "complete" pro-creditor bankruptcy code, and c)lenient, "voluntary-only" pro-debtor bankruptcy legislation) which might explain the instability of US bankruptcy law up to 1898. Chapter 4, on legislative changes introduced in the 30s in the backlash against the previous excesses in Wall Street, sheds significant light on some outstanding and recently-discussed differences between US and British bond legislation (e.g. the prohibition in the US, under the 1939 Trust Indenture Act, of many "collective action clauses" allowing bondholders to accept by majority -as oppposed to unanimity- changes in the terms of the bonds). Some short passages of the book -e.g., those explaining changes in the internal pecking order within the legal professions- will appeal primarily to US practitioners and academics, not so much to a wider audience. The book covers lots of ground and is highly recommendable as written. But if Mr. Skeel were willing to expand its scope, it is easy to think of additional areas which he might usefully explore, at least briefly, in future editions (e.g.lessons from Enron's debacle; recent international debates on "collective action clauses" or even Chapter 11-like "Sovereign Debt Restructuring Mechanism" to deal with the bankruptcy of sovereign borrowers; a more detailed description of Thomas Jackson's characterization of bankruptcy as a "prisoner's dilemma" for creditors;or, finally, to highlight the relatively lenient US bankruptcy law, some passing reference to the traditional, British-style debtors' gaol so well described by Dickens and other authors). ... Read more

Book Description

Don’t get down, get started instead–with Fresh Start Bankruptcy

Well over a million Americans suffer the trauma of bankruptcy every year. But many don’t know that bankruptcy may be the ideal opportunity to rein in their out-of-control finances, get back on their feet, and start over anew.

Fresh Start Bankruptcy is a friendly and non-intimidating guide that walks you step by step through the filing process and provides the sympathetic, expert advice you need to survive the ordeal. Attorneys Deborah Herman and Robin Bodiford provide the informed perspective that makes tough decisions simple. They’ll help you decide whether you should retain legal counsel or move forward on your own. And if you do decide to go it alone, you’ll find all the professional advice you need to make the process as quick and painless as possible. You’ll learn which chapter to file and how to do it, how to protect your assets and deal with creditors, how to repair your credit, and how to navigate bankruptcy court.

Personal anecdotes included in the book prove that people of all walks of life have gone through the process and come out stronger than before–– and you can too! So, no matter how your financial troubles came about, stop worrying and start over with the positive outlook and thoughtful guidance you’ll find only in Fresh Start Bankruptcy. ... Read more

Book Description

Includes a combination of explanatory text, cases, and problems that permit the professor to use either a problem-based approach or a more traditional case-based approach. Ample explanatory text orients students to the issues and helps them bring a basic understanding of the material to each class session. Most of the problems and much of the explanatory text are based on a continuing hypothetical case of Foam Corporation, a distressed manufacturer. The goal is to provide a concrete setting for the application of bankruptcy law and the consideration of bankruptcy policy. ... Read more

Book Description

The "self-made" man is a familiar figure in nineteenth-century American history. But the relentless expansion of market relations that facilitated such stories of commercial success also ensured that individual bankruptcy would become a prominent feature in the nation's economic landscape. In this ambitious foray into the shifting character of American capitalism, Edward Balleisen explores the economic roots and social meanings of bankruptcy, assessing the impact of widespread insolvency on the evolution of American law, business culture, and commercial society.

Balleisen makes innovative use of the rich and previously overlooked court records generated by the 1841 Federal Bankruptcy Act, building his arguments on the commercial biographies of hundreds of failed business owners. He crafts a nuanced account of how responses to bankruptcy shaped two opposing elements of capitalist society in mid-nineteenth-century America--an entrepreneurial ethos grounded in risk taking and the ceaseless search for new markets, new products, and new ways of organizing economic activity, and an urban, middle-class sensibility increasingly averse to the dangers associated with independent proprietorship and increasingly predicated on salaried, white-collar employment. ... Read more

Reviews (1)

This Book Is No Bust
Early in 2001, two big economics stories crossed paths and received vastly different coverage. The meltdown of the "dot-coms" dominated the front pages. Meanwhile, congressional passage of a new bankruptcy law that threatened to establish more favorable terms for creditors passed mostly under the radar screen.

Edward Balleisen's engaging social and economic history of bankruptcy in the mid-19th century United States anticipates today's trends, both noisy and quiet. It is a lively yet thorough chronicle of the kinds of booms and busts to which capitalism is prone. When a New Yorker of 1837 ruefully remarks that fortunes "have melted away like the snows before an April sun," it is easy to believe that his cruelest month is ours as well.

One of the book's many virtues lies in reminding readers that lesser-known stories-such as the passage of bankruptcy laws-may have a bigger long-term impact than panics and crashes themselves. Liberal bankruptcy laws have been and remain important for many economic and cultural reasons. Some of the characters in this book-and they are truly characters, a tribute to Balleisen's skills as a writer-yield to disappointment and become the security-seeking cadres of corporate capitalism. Others take the "double or nothing" pledge and become even more reckless entrepreneurs.

This is historical writing at its best: by opening a window on crucial but little-known episodes in the nation's past, it lets through rays of insight that illuminate the present. ... Read more

Book Description

We found the truly gifted law professors most law students can only dream about – the professors who draw rave reviews, not only for their scholarship, but for their ability to make the law easy to understand.We asked these select few professors to condense their courses into a single lecture.And it’s these lectures you’ll find in the Law School Legends Series.With Law School Legends, you’ll get a brilliant law professor explaining an entire subject to you in one simple, dynamic lecture.The Law School Legends make even the most difficult concepts crystal clear.You’ll understand the big picture, and how all the concepts fit together.You’ll get hundred of examples and exam tips, honed over decades in the classroom.But best of all, you’ll get insights you can only get from America’s greatest law professors! ... Read more

Reviews (1)

Great Book
This book was exactly what I was looking for: learn about the bankruptcy process and the rules. The author is a bankruptcy lawyer and some parts can be detailed and difficult to read... the bankruptcy process is not simple. If you are trully interested in the bankruptcy process though, you will like the details.

If you want to buy a small company one day and you are looking for a way to do it, this book is very helpful. I have a background in finance and management of small companies... so if you are unfamiliar with how the business world works, you might not appreciate this book. However, if you are like me, this book was GREAT! ... Read more

Book Description

¿Qué pasó? ¿Como pasó? ¿Como llegué aquí? ¿De quien es la culpa? ¿Y ahora, qué hago?

Con estos interrogantes se enfrentan a diario muchísimos puertorriqueños que no pueden afrontar sus deudas. Algunos optan por la alternativa de radicar una quiebra.

¿Porqué? Esta es la pregunta que se hacen otros tantos miles de puertorriqueños diariamente que no conocen ni entienden a que problemas se enfrentan a diario estos amigos, vecinos, compañeros de trabajo,conocidos y desconocidos que radican quiebra.

¿Qué es una quiebra? ¿Porqué existe? ¿Cuándo se puede radicar? ¿Cómo afecta? ¿Quiénes pueden radicar una quiebra? ¿Cómo se puede evitar? ¿Qué pasa luego de una quiebra?

La quiebra es un tema del que muchos han oído hablar pero del que pocos conocen. Son muchas las interrogantes que los autores han recogido a lo largo de sobre veinticinco años de experiencia como abogados de quiebra en Puerto Rico.

Borrón y cuenta nueva tiene como propósito educar y proveerle alternativas a los que tienen problemas económicos para que puedan enfrentarlos; a los que ya han estado en quiebra para que puedan empezar de nuevo y rehagan sus finanzas; y a los que nunca han estado en quiebra para que la puedan evitar.

El libro discute la crisis de ingreso y la quiebra como alternativa. Enfatiza además la necesidad de educación financiera personal y los problemas que tendremos que enfrentar los puertorriqueños en las próximas décadas. ... Read more

Reviews (2)

It was E-Z
With the forms in this book and the on-line links it gave me for local rules and forms, I filed by myself and saved $1100. I had no problem representing myself in court, because I knew my case, I typed it!

Helpful
I found this book to be helpful in knowing what to expect and helping me get my information ready to give to a lawyer. This book gives you the information to file on your own, I just feel safer using a lawyer. ... Read more

Book Description

Are your debts breaking your back and your bank account? This step-by-step book walks you through bankruptcy from start to finish and gives you everything you need to know to make a clean start and not lose your shirt - and maybe not your house, either. The author speaks from experience. ... Read more

Reviews (1)

I sent it back to Amazon.
I was very disappointed in this book. The author took his old edition, literally made pen markings for most of the updates, inserted a few new pages (that dramatically varied in typeface, etc.), wrote "updated for 2003" on the cover, photocopied it, bound it, and published it. The production values were so bad, I'd be afraid to trust the editorial content.
I own (and have studied) several books on filing your own bankruptcy, and this is the only one I ever returned. It was hurridly written. It's not nearly as good as the other books in this category, and it's more expensive. I write consumer bankruptcy software for a living. ... Read more

Book Description

• the three levels of corporate renewal;
• cash flows and net incomes;
• an overview of bankruptcy laws;
• failure prediction;
• ethical and legal considerations in financial distress;
• turnaround analysis;
• employee downsizing;
• crafting a plan of re-organization;
• business process reengineering;
• Deming and the quality revolution;
• tax considerations;
• activity-based costing.

Reviews (2)

Good Balance of Theory, Finance and practice
Dr. Platt in this book offers a balanced mix of academic and practical examples. This book is an excellant first read on many subjects in the turnaround field.

The book offers a good base of data to understand the statistics of companies trouble. It also offers for the academically oriented a wealth of references to explore individual subjects in more depth.

Some topics are so vast (Accounting, Bankruptcy Law, Financial Analysis) that several individual books are written on each subject. However this books hits the major hiighlights of the most important topics.

Dr Platt is also close to the industry and is a leader in the Association of Certified Turnaround Professionals and has personal relationships with many leaders in the industry. He has drawn on the experince to write a book that is also a very useful reference for the turnaround manager to use as a guide and refresher on engagements.

Indispensable Addition to Turnaround Management Literature
Up to now the literature of turnaround management has consisted mainly of case studies and the personal experiences of practitioners. Some of the material is widely accepted as good. "Taking Charge" by John Whitney comes to mind. Some is a matter of personal taste. "Mean Business" by Al Dunlap is a recent example.

Harlan Platt has written what may be the first academic textbook for this little understood management genre. It is a considered analysis of the development of Corporate Renewal, which encompasses a set of management disciplines ranging from strategic change management, through problem solving techniques needed to turnaround a distressed company, to the triage of crisis management.

In Platt's book you won't find 'slash and burn" turnaround stories like those popularized in the mainstream media. Most turnaround managers will acknowledge that often layoffs and staff reductions are required in a turnaround, but only after very careful analysis of the distressed operation's remaining value proposition. And as Platt notes, insufficient attention is given to the number of jobs saved when a layoff is necessary.

The book opens with an interesting history of turnaround management research with helpful statistics on the main causes of corporate distress. Following is a comprehensive section on bankruptcy and failure prediction, which clearly plays to Platt's strength as a finance professor. I found the chapters on turnaround analysis and employee downsizing very helpful.

Platt also incorporates overviews of re-engineering, activity based accounting, quality and a very useful chapter on tax considerations in turnarounds.

The Principles of Corporate Renewal seems positioned as a text for the Certified Turnaround Professional exams administered by the Turnaround Management Association. And indeed, Platt has been instrumental in the curriculum development of the program. But the book is just as useful for those who are simply interested in learning more about the dynamic of turnaround management.

My only complaint is that I wish there was a bibliography, or better yet a bibliographic essay, on the current literature surrounding turnaround management. Yes, there is a reference section and the chapters are footnoted. However, it seems to me that at least two published turnaround accounts written by practitioners are missing. But perhaps I missed these in the footnotes.

I do international turnarounds for the telecommunications industry. The highest accolade I can give to Platt's book is that it's on my desk, ready to slip into my bag as an indispensable tool for my next turnaround assignment in China, Russia or wherever the opportunity presents itself ... Read more

Book Description

This digital document is an article from Business Credit, published by National Association of Credit Management on May 1, 2004. The length of the article is 3285 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: So you're on a creditors' committee ... now what?(Debtor and creditor)
Author: Edward T. Gavin
Publication: Business Credit (Magazine/Journal)
Date: May 1, 2004
Publisher: National Association of Credit Management
Volume: 106Issue: 5Page: 34(4)

Distributed by Thomson Gale ... Read more