Chapters 13,14,15

Chapters 13,14,15 - 13 Adequate Protection 13 artisan's...

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13 Adequate Protection 13 artisan's lien 13 attachment 13 Avoidance 13 automatic stay 13 Bankruptcy Courts 13 Bankruptcy codes 13 chapter 11 13 co-surety 13 consumer-debtor Protects the secured creditor from losing their security as a result of the automotic stay A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed. The lien is possessory The lien holder ordinarily must have retained possession of the property and have expressly or impliedly agreed to provide the service on a cash (not a credit) basis. In the context of judicial liens, a court-ordered seizure and taking into custody of property prior to the securing of a judgment for a past-due debt. The trustee can set aside a sale or other transfer of the debitor's property, taking it back as a part of the debtors estate In bankruptcy proceedings, the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy. Once the papers are filed, the creditor can no longer contact the debitor for payment nor start any legal proceedings to recover debt or possessions However a secured interest creditor can petition the BK court for relief from automatic stay 1) Fulfills the role of an administrative court of the district court conserning matters in bankruptcy 2) Can conduct a jury trial if the appropriate district court has authorized it and if the parties to the bankruptcy consent to a jury trial 1) 1,3,5 include genreal definitional provisions and provisions governing case administration 2) 7 Provides for liquidation proceedings 3) 9 governs the adjustment of the debts of municipalities 4) 11 governs reorganizations 5) 12 For family farmers 13) for individuals Reorganiztion of debt where you are allowed to pay a portion of what is owed and the rest is written off. This is used more for corporations than it is for personal. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal, family, or household use).
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13 cram-down provision 13 Creditors Lien May arise under the common law or under statutory law 13 Settlements for less than what is owed 13 13 default 13 discharge 13 estate in property A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it. To exercise the court's right under this provision, the court must demonstrate that the plan does not discriminate unfairly against any creditors and is fair and equitable. creditors' composition
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This note was uploaded on 02/01/2011 for the course BL 556 taught by Professor Lucybenham during the Fall '10 term at Walsh College.

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Chapters 13,14,15 - 13 Adequate Protection 13 artisan's...

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