Bankruptcy
Jun. 29, 2012
Absolute priority in individual Chapter 11 cases
Courts are divided on whether to apply the Absolute Priority Rule in individual Chapter 11 cases. By Richard J. Reynolds of Turner, Reynolds, Greco & O'hara
In 2005, Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act to changing certain areas of bankruptcy law which had been in effect since 1978. Most practitioners are aware that consumer debtors are required to pass a "means" test in order to file for Chapter 7 liquidation. That test came out of the BAPCPA. A wealthy Chapter 7 debtor whose debts are primarily business debts need not comply with the means tes...
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