Abandonment in Bankruptcy

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Vol: 2, Issue: 3

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Neil E. Harl
article description
Bankruptcy is designed to accomplish two objectives — (1) assure fair and equitable treatment of the unsecured creditors (the secured creditors are entitled to payment up to the value of their collateral and beyond that are unsecured creditors) and (2) provide a "fresh start" to the debtor. The concept of abandonment now poses a collision of those two objectives.