FUNDAMENTALS OF BANKRUPTCY FOR LENDERS
FUNDAMENTAL POLICIES OF THE BANKRUPTCY CODE
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The U.S. Constitution empowers Congress to establish "uniform Laws on the subject of Bankruptcies throughout the United States."
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To provide the debtor with breathing space from the pressure of creditors (the automatic stay).
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To provide a "fresh start" for the honest debtor.
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To ensure equity among the parties. The Bankruptcy Court is a court of equity and, within the framework of the law, will seek to do what is just.
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To prevent abuse of the Bankruptcy system by unscrupulous debtors.
For more information or to request a presentation regarding BAPCPA, please contact Spotts Fain attorneys, Robert H. Chappell, III (804) 697-2025 or Jennifer J. West (804) 697-2094.
