CHAPTER 39

CHAPTER 39 - CHAPTER SUMMARY FEDERAL BANKRUPTCY LAW Case...

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CHAPTER SUMMARY FEDERAL BANKRUPTCY LAW Case Administration— Chapter 3 Commencement of the Case the filing of a voluntary or involuntary petition begins jurisdiction of the bankruptcy court Voluntary Petitions available to any eligible debtor even if solvent Involuntary Petitions may be filed only under Chapter 7 or 11 if the debtor is generally not paying his debts as they become due Dismissa l the court may dismiss a case for cause after notice and a hearing; under Chapter 13 the debtor has an absolute right to have his case dismissed Automatic Stay prevents attempts by creditors to recover claims against the debtor Trustee responsible for collecting, liquidating, and distributing the debtor’s estate Meeting of Creditors debtor must appear and submit to an examination of her financial situation Creditors, the Debtor, and the Estate—Chapter 5 Creditor any entity that has a claim against the debtor Claim a right to payment Mann CH 39- 1
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Lien charge or interest in property to secure payment of a debt or performance of an obligation Secured Claim claim with a lien on property of the debtor Unsecured Claim portion of a claim that exceeds the value of any property securing that claim Priority of Claims the right of certain claims to be paid before claims of lesser rank
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This note was uploaded on 10/14/2010 for the course BUS 5503 taught by Professor Sorrell during the Fall '10 term at Troy.

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CHAPTER 39 - CHAPTER SUMMARY FEDERAL BANKRUPTCY LAW Case...

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