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Sections 727 and 1328 of the Bankruptcy Code operate as a permanent injunction against creditors seeking to collect against debts that have been discharged in bankruptcy. Not all debts, however, are dischargeable. Section 523(a) of the Bankruptcy Code enumerates 19 exceptions of debts from the discharge granted to an individual debtor. One such exception is contained in subsection 523(a)(8)(A)(ii). In relevant part, subsection 523(a)(8)(A)(ii) of the Bankruptcy Code provides that “a discharge under section 727 … or 1328(b) … does not discharge an individual from any debt … for — an obligation to repay funds received as an educational benefit ….” Subsection 523(a)(8)(A)(ii) of the Bankruptcy Code does not automatically operate to except from discharge certain private student loans.
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By Michael L. Cook
The Fifth Circuit signaled that it would not approve in later cases a bankruptcy court asset sale of real property that summarily cuts off the rights of the debtor’s lessees.
Why Bankruptcy Attorneys Need to Help Their Clients Face Distressed Assets Now
By William (Bill) Lobel
Cyclical challenges in the economy are nothing new to bankruptcy attorneys and their clients, and 2022 is shaping up to be that kind of year for business owners nationwide. This is likely to result in a greater need for the services of bankruptcy attorneys as business owners face a mounting wave of distressed financial assets.
Fifth Circuit Resolves ‘Clash’ Between FERC and Bankruptcy Courts
By Douglas S. Mintz and Michael L. Cook
A Chapter 11 debtor’s “rejection [(under Code §365(a)] of a filed-rate [natural gas] contract … relieve[d] it of the obligation to continue performance absent the approval of FERC [(the Federal Energy Regulatory Commission],” held the U.S. Court of Appeals for the Fifth Circuit.
Is the Use of Third-Party Releases In Bankruptcy Cases Stretched Too Thin?
By Francis J. Lawall and Suzanne Soboeiro
Third-party releases are often incorporated into the bankruptcy plan as a means of protecting nondebtor parties from litigation that is directly or even tangentially related to the debtor’s business. Over the last several years, the scope and use of such third-party releases appears to have been stretched arguably to the breaking point as demonstrated in a recent and important district court decision.
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