Discussion
Toibb stands for the counterintuitive proposition that individuals can file for chapter 11 "reorganization" under the Bankruptcy Code. The complexity and cost of chapter 11 bankruptcy is rather high (the case-filing fee alone is $1000). However, a New York Times article reports that chapter 11 may be "an attractive alternative for individuals who have relatively large debts and relatively large income, or at least the expectation of future income, with which to finance a repayment plan."
Toibb has not been overruled by any subsequent decision of the Supreme Court, and although the Bankruptcy Code has since been amended, individuals remain eligible to file for bankruptcy under Chapter 11.
Read more about this topic: Toibb V. Radloff
Famous quotes containing the word discussion:
“It was heady stuff, recognizing ourselves as an oppressed class, but the level of discussion was poor. We explained systemic discrimination, and men looked prettily confused and said: “But, I like women.””
—Jane O’Reilly, U.S. feminist and humorist. The Girl I Left Behind, ch. 2 (1980)
“There are answers which, in turning away wrath, only send it to the other end of the room, and to have a discussion coolly waived when you feel that justice is all on your own side is even more exasperating in marriage than in philosophy.”
—George Eliot [Mary Ann (or Marian)
“If the abstract rights of man will bear discussion and explanation, those of women, by a parity of reasoning, will not shrink from the same test: though a different opinion prevails in this country.”
—Mary Wollstonecraft (1759–1797)