Historical Perspectives

Bankruptcy's Living History


The American College of Bankruptcy (ACB) in cooperation with the Biddle Law Library at the University of Pennsylvania has made available a great and often overlooked resource for scholars who prefer to study "law on the ground" instead of just the "law in the books." The National Bankruptcy Archives collects historical material regarding the development of bankruptcy, and


Whence Corporate Bankruptcy


A correspondent and I were discussing the changes wrought by the 1978 enactment of the current U.S. Bankruptcy Code. My correspondent noted that corporate bankruptcy became more salient after 1978 and linked this phenomenon to the 1978 law. My perception is the same: corporate bankruptcy became more salient after the 1978 enactment of the Bankruptcy Code, and my guess would be that many experts would have the same reaction.


Do You Remember How Overdraft Protection, Overdraft Fees, and Free Checking Used To Work?


Calling everyone in the over-40 set to help me remember something. When dealing with those old-fashioned things called “checks,” how did your own overdraft protection used to work?  My recollection is that, back in the day, as long as a person had a certain level of creditworthiness, the bank used to cover your check in a discretionary manner.


The Upside of High Fees


Some of the comments to Stephen Lubben's post on "overhead" raised the longstanding complaint about high fee awards in New York and Delaware Chapter 11 cases. We all know the academic and political condemnations of Chapter 11 as merely a feast for lawyers.