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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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Seventh Circuit Applies Safe Harbor to Private Securities Transaction
By Michael L. Cook
“… [T]he term ‘securities contract’ as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities,” The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.
By Lawrence J. Kotler and Elisa Hyder
In Lafferty v. Off-Spec Solutions, the U.S. Bankruptcy Appellate Panel of the Ninth Circuit held that the discharge exceptions under Section 523(a) do not apply to corporate debtors under Subchapter V of Chapter 11 of the Bankruptcy Code.
Merchant Cash Advances Could Be More Trouble Than They’re Worth
By Joseph Pack and Jessey Krehl
As small-business owners have continued to struggle in an uncertain economy, a growing number have begun the dangerous practice of relying on merchant cash advances — essentially seeking financial shelter in a lion’s den.
Biotech Industry Bankruptcy Case Update: ‘Zymergen’ and ‘Humanigen’
By Edward E. Neiger, Marianna Udem and Joo Hee Park
This Bankruptcy Case Update focuses on the recent biotech industry bankruptcy cases of Zymergen and Humanigen.
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