Failure and Forgiveness: Rebalancing the Bankruptcy System (Yale Contemporary Law Series) [Hardcover]

Professor Karen Gross (Author)

Book Description

Publication Date: February 27, 1997 | ISBN-10: 0300068204 | ISBN-13: 978-0300068207

In 1996 a record one million-plus bankruptcy cases were filed in the United States. In this important book, an eminent legal authority provides an accessible introduction to and evaluation of the federal bankruptcy system governing these filings. Karen Gross describes existing bankruptcy law, assesses what is actually happening in practice, and makes specific -- and controversial-recommendations for reform.

Gross explores the varying and often conflicting interests of debtors, creditors, and community in the bankruptcy system. She justifies the idea of a "fresh start" for individual and business debtors by analyzing notions of forgiveness and rehabilitation in a civilized society. She offers a new perspective on how to treat certain of the creditors that bankruptcy touches, substituting a principle of equality of outcome for the principle of equality of treatment. She also presents an original argument about community interests, contending that they should be given serious weight in the necessary balancings that make up bankruptcy law and policy, and provides specific statutory amendments to achieve this goal. Offering a humanitarian approach to bankruptcy rather than the law and economic approach commonly used, this book places legal issues of bankruptcy in their social context and opens the dialogue about bankruptcy to lawyers and nonlawyers alike.

Editorial Reviews

From Booklist

Books on bankruptcy are always in high demand at any public library, but most of them are of the do-it-yourself variety, consisting of sample forms and simple language. Although Gross offers a more thoughtful look at the bankruptcy system, her book will still appeal to the layperson. The last major change in the federal bankruptcy code was in 1979, and Gross, a law professor at the New York Law School, clearly lays out her recommendations for change. She begins with an explanation and justification of the theory behind bankruptcy and then looks at the effects of bankruptcy on debtors, creditors, and the community. Gross argues for compassion, rehabilitation, and forgiveness; but she distinguishes between debtors who "encounter an unforeseen calamity" and those who "intentionally stiff their creditors." She also distinguishes creditors into categories and proposes that not all claims need to be treated equally. Finally, she makes a strong case for including "the community interest" in any consideration of bankruptcy. David Rouse

Product Details

• Hardcover: 320 pages
• Publisher: Yale University Press (February 27, 1997)
• Language: English
• ISBN-10: 0300068204
• ISBN-13: 978-0300068207
• Product Dimensions: 8.5 x 5.9 x 1.1 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #5,509,526 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

2 of 2 people found the following review helpful:

5.0 out of 5 stars Splendid, October 17, 2000

By 

Josh Brown (Washington DC) - See all my reviews

This review is from: Failure and Forgiveness: Rebalancing the Bankruptcy System (Yale Contemporary Law Series) (Hardcover)

This book is possibly the most accesible law book that I have ever come upon. It is not only appealing to those in the legal profession, but to those who are not. Professor Gross's insights and conclusions are refreshing to read in the face of our Nations ubsession with casting the debtor as a lazy peron who overlooked his or her duties. I recently saw Professor Gross on CNN and after hearing her speak, I immediatly went and picked up a copy for myself. I would solemly recommend this book to anyone interested or involved in the bankruptcy system.

1 of 1 people found the following review helpful:

5.0 out of 5 stars Perhaps one of the greatest law books I've ever read, October 17, 2000

By 

Josh Brown (Washington DC) - See all my reviews

This review is from: Failure and Forgiveness: Rebalancing the Bankruptcy System (Yale Contemporary Law Series) (Hardcover)

Professor Gross's book is truly spectacular. Not only is it appealing to members of the legal profession, but it is also an immeasurable aid to those who are not. Professor Gross's conclusions are well thought out and extremely well articulated. I recently saw her on CNN, and I would reccomend that anyone who is in debt and considering bankruptcy purchase this book.