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Collection: High-Income, Good Faith, and the Dismissal of Non-Consumer Bankruptcy Cases under Chapter 7
With the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ('BAPCPA'), many creditors expected to have additional grounds to obtain dismissals of Chapter 7 petitions. BAPCPA incorporated an income/expense test ('Means Test') into '707(b) of the Bankruptcy Code, wherein a bankruptcy court can dismiss a Chapter 7 petition for 'abuse.' Under the Means Test laid out in '707(b), 'abuse' is presumed if the debtor's 'current monthly income,' after subtracting for certain specified monthly expenses and multiplying by 60, is either: 1) equal to or greater than 25% of the debtor's nonpriority unsecured claims in the case, or $6,000, whichever is greater; or 2) $10,000, unless special circumstances exist that rebut the presumption of abuse.
Among other provisions, '707(b) authorizes a bankruptcy court to dismiss a Chapter 7 petition filed by an individual debtor, whose debts are primarily consumer debts, for 'abuse,' while '707(a) allows bankruptcy courts to dismiss a Chapter 7 petition for 'cause' and provides three nonexclusive examples of 'cause' warranting dismissal.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.