There are situations where the bankruptcy court extends protections to nondebtor parties, either in the form of a release of claims or a stay of litigation, to facilitate the restructuring of a debtor.
Committees
ABI’s Legislation Committee had an active year in 2021. We tracked legislation and provided guidance for ABI members, published two newsletters, and hosted engaging panels at the Annual Spring Meeting and Winter Leadership Conference. We also have planned a webinar on the SBRA, and held a virtual happy hour at WLC for membership engagement.
As many practitioners already know, it can be enormously difficult for student loan borrowers to discharge their loans in bankruptcy. But through a combination of new case law, potential upcoming administrative action and a series of bankruptcy reform bills, it might be getting just a little bit easier for some student loan borrowers.
November 2021 brought with it a first-of-its-kind, incredibly successful event with ABI’s Consumer Practice Extravaganza Nov. 3-12 (CPEX21). Attendees learned about all aspects of consumer bankruptcy practice from intake to post-filing, and from basic chapter 7 cases to cryptocurrency. One common theme may have gone unnoticed, however: access to justice.
The Second Circuit’s August 2021 decision in In re Gravel[1] has already received considerable attention and generated much debate. Gravel involved the Vermont bankruptcy court’s initial entry of $375,000 in sanctions against a mortgage creditor based on the creditor’
Co-Chairs Chris Hawkins and Michelle Bass thank all committee members for their support and participation this year. Despite the continuing challenges presented by COVID-19, we were able to maintain momentum in 2021 after a very productive 2020.
With more than 900 members, the Bankruptcy Litigation Committee remains one of the largest and most active of ABI’s committees. Here is a quick update on the committee’s work in 2021.
A recent Second Circuit decision has shed light on the framework of the “good faith” defense as it intersects with provisions of the Bankruptcy Code and the Securities Investor Protection Act (SIPA).
2021 has been an incredibly productive year for the Young and New Members Committee. The committee continued to produce high-quality newsletters and educational programs, while branching out and trying some new things, too. Below are some highlights.
Quarterly Newsletters
Can chapter 13 debtors deduct voluntary 401(k) contributions under § 541(b)(7)(A) when calculating disposable income? If so, can they plan for bankruptcy in good faith by making pre-petition 401(k) plan contributions to their 401(k) plans prior to filing to decrease their disposable income? The Sixth Circuit recently broke with dicta from Seafort v.
