One would have Fannie and Freddie urge banks to let underwater borrowers who file for bankruptcy apply their monthly mortgage payments to principal for five years — in effect, reducing the loan's interest rate to zero.
Firm closures not due to bankruptcies apply almost exclusively to small businesses; among larger businesses, almost all firm closures are due to bankruptcies.
And the limited case law of Chapter 9 bankruptcy, which applies to cities and municipalities, doesn't say whether a bankruptcy judge can legally subvert Michigan's constitution to lessen Detroit's obligation to its pensioners.
The lawyers argue that securities law, not bankruptcy law, applies to Wilpon and Katz.
Because of the harsher treatment that federal bankruptcy law applies to financial-services firms, Lehman cannot hope to reorganize and survive.
The court said that the Constitution's framers thought it was essential to have uniform bankruptcy rules apply on a national level so that states would not set up their own systems to favor in-state creditors.
Cerberus Capital Management, the private investment firm that controls GMAC and owns Chrysler, raised the specter of bankruptcy to apply pressure to GMAC's bondholders to go along with a bond-exchange plan that many of them have been resisting.
Picard says bankruptcy laws apply, and those laws allow him to look at an investor's history to see if they had doubts — or should have had doubts — about Madoff's operation.
In the UK the term "bankruptcy" only applies to individuals, while insolvency is the term that applies to companies.
France has two procedures, the plan de redressement and the procedure de rétablissement personnel, while bankruptcy is the main insolvency procedure for individuals in the UK.51 It is necessary to remark that, in the UK, the term "bankruptcy" only applies to individuals, while insolvency is the term that is used for companies.
