Bankruptcy in America, in stark contrast to its status in most other countries, typically signifies not a debtor's last gasp but an opportunity to catch one's breath and recoup. Why has the nation's legal system evolved to allow both corporate and individual debtors greater control over their fate than imaginable elsewhere? Masterfully probing the political dynamics behind this question, David Skeel here provides the first complete account of the remarkable journey American bankruptcy law has taken from its beginnings in 1800, when Congress lifted the country's first bankruptcy code right out of English law, to the present day. Skeel shows that the confluence of three forces that emerged over many years--an organized creditor lobby, pro-debtor ideological currents, and an increasingly powerful bankruptcy bar--explains the distinctive contours of American bankruptcy law. Their interplay, he argues in clear, inviting prose, has seen efforts to legislate bankruptcy become a compelling battle royale between bankers and lawyers--one in which the bankers recently seem to have gained the upper hand. Skeel demonstrates, for example, that a fiercely divided bankruptcy commission and the 1994 Republican takeover of Congress have yielded the recent, ideologically charged battles over consumer bankruptcy. The uniqueness of American bankruptcy has often been noted, but it has never been explained. As different as twenty-first century America is from the horse-and-buggy era origins of our bankruptcy laws, Skeel shows that the same political factors continue to shape our unique response to financial distress.

Published on December 1, 2020, the 2021 United States Bankruptcy Code & Rules Booklet contains the federal court rules (as amended effective December 1, 2020) and U.S. Code sections (current through Public Law No. 116-193) essential to U.S. bankruptcy law practice. For students, this publication can be used with all Bankruptcy Law casebooks. Updates in this edition include the recent changes to Title 11 created by the CARES Act, Public Law 116-136; the amendments to Rules 2002, 2004, 8012, 8013, 8015, and 8021 of the Federal Rules of Bankruptcy Procedure, effective December 1, 2020; and changes to adopted Rule 30 of the Federal Rules of Civil Procedure, effective December 1, 2020.

Title 11 of the United States Code is also referred to as the Bankruptcy Code. This 2022 Edition is for quick reference and is perfect for the attorney or student who needs to have the code handy.