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479 - Creditors' Rights & Bankruptcy (4 hours)

This course marries state and federal law. It will survey the default state-law rights of unsecured creditors to satisfy their claims out of debtors’ property. It will also survey judicial action ranging from pre-judgment attachment to post-judgment execution, and it will review an array of other judicial and non-judicial remedies. The creditors’ rights coverage will include units on debtor exemptions and constitutional and statutory process requirements intended to protect debtors’ rights, which are relatively paltry compared to the width and strength of creditors’ rights. The course then will examine the extent to which federal bankruptcy law preempts state law, largely for the purposes of (1) diluting creditors’ rights and (2) rebalancing the interests and relations between debtors and creditors based on federal policies. The bankruptcy coverage will focus fairly equally on consumer and business bankruptcies. It will consider both liquidation and reorganization under Chapters 7, 13, and 11.