Business Law

Business Law News 2016, ISSUE 2

BLN Editorial Board: Message from the Editor

Everett L. Green

In this issue we feature a series of articles discussing bankruptcy, insolvency, and insolvency-themed issues.

A fundamental goal of the bankruptcy laws is to give debtors a financial fresh start from their debts though the issuance of a discharge. A discharge releases debtors from personal liability for specific debts and prohibits creditors from taking any action to collect their debts. When a debtor commits certain types of misconduct, such as fraud, a creditor can file a lawsuit to deny the discharge. This procedure is relatively simple in the case of an individual debtor who commits misconduct. But what of a married debtor whose spouse may have committed misconduct? Should the innocent debtor suffer for the sins of his or her wrong-doing spouse? Elyza Eshaghi examines these issues in an article entitled The Community Discharge: The Good, The Bad, And The Ugly.

Another goal of the bankruptcy laws is to restructure debts for insolvent entities. Certain aspects of the debt-adjustment process, however, depend on state law. The interplay between bankruptcy and certain state law doctrines is of vital interest to creditors, who need to recoup their debt. In an article entitled Sureties & Bankruptcy, James C. Bastian and Melissa Davis Lowe examine the effect of a bankruptcy filing by a construction company on the surety relationship. Next, Reno F. Fernandez III and Lisa A. Runquist discuss the impact of a bankruptcy filing on insolvent nonprofit corporations.

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