The Past, Present, and Future of Bankruptcy Law in America

Abstract

As this Review was being written, Congress once again failed to pass the bipartisan bankruptcy-reform bill, although many expect it to be enacted at some point in the near future. At the same time, WorldCom, Enron, Global Crossing, and their ignominious peers continue to set records for the size, expense, and public attention drawn to business bankruptcy. For the first time, consumer bankruptcies surpassed the 1.5 million per year mark, continuing an irresistible upward trend. Meanwhile, law firms announce layoffs and salary freezes in most departments, and bankruptcy professionals prosper amidst the despair, billing $1 million per day on the Enron case alone even as creditors and shareholders sit by awaiting payment. Clearly we are witnessing a profound and unprecedented change in the political, social, and economic framework of bankruptcy. How did we get here and where are we headed? These are the questions brilliantly addressed by David A. Skeel, Jr.,1 in Debt's Dominion: A History of Bankruptcy in America. Told with a sound understanding of theory and law, and an eye for detail, Skeel's book is an instant classic a comprehensive and intriguing of bankruptcy law in America. But to characterize the book as history is to slight its reach and importance. In a concise and readable 250 pages, Skeel brings to life not only the political and economic of bankruptcy law, but also the fascinating of the bankruptcy bar itself. Finally, Skeel deftly leads the reader through the fundamental theoretical debates that have shaped bankruptcy law during the past century, including the contentious intellectual debates between Progressive academic theorists and their rivals from the Law and Economics School. Skeel has written a book that will serve as both