BL-Chapt30 - Print Chapter Page 1 of 29 Bankruptcy Law...

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Bankruptcy Law Chapter Introduction 30-1 Bankruptcy Proceedings 30-1a The Role of the Bankruptcy Courts 30-1b Types of Bankruptcy Relief 30-1c Special Treatment of Consumer-Debtors 30-2 Liquidation Proceedings 30-2a Voluntary Bankruptcy 30-2b Involuntary Bankruptcy 30-2c Automatic Stay 30-2d Property of the Estate 30-2e Creditors' Meeting and Claims 30-2f Exemptions 30-2g The Homestead Exemption 30-2h The Trustee 30-2i Distribution of Property 30-2j Discharge 30-2k Reaffirmation of Debt 30-3 Reorganizations 30-3a Must Be in the Best Interests of the Creditors 30-3b Workouts 30-3c Debtor in Possession 30-3d Creditors' Committees 30-3e The Reorganization Plan 30-4 Bankruptcy Relief under Chapter 13 and Chapter 12 30-4a Individuals' Repayment Plan 30-4b Family Farmers and Fishermen Chapter Recap Page 1 of 29 Print Chapter 2010-8-30 ..
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Chapter Introduction Historically, debtors had few rights. Today, in contrast, debtors have numerous rights. Some of these rights were discussed in Chapters 28 and 29. In this chapter, we look at another significant right of debtors: the right to petition for bankruptcy relief under federal law. Article I, Section 8, of the U.S. Constitution gave Congress the power to establish "uniform Laws on the subject of Bankruptcies throughout the United States." Bankruptcy law in the United States has two goals–to protect a debtor by giving him or her a fresh start, free from creditors' claims, and to ensure equitable treatment to creditors who are competing for a debtor's assets. Federal bankruptcy legislation was first enacted in 1898 and has undergone several modifications since that time, most recently in 2005 as a result of the Bankruptcy Reform Act. The 2005 act significantly overhauled certain provisions of the Bankruptcy Code for the first time in twenty-five years. Page 2 of 29 Print Chapter 2010-8-30 ..
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30-1 30-1a 30-1b 30-1c Bankruptcy Proceedings The Role of the Bankruptcy Courts Types of Bankruptcy Relief Special Treatment of Consumer-Debtors Bankruptcy proceedings are held in federal bankruptcy courts, which are under the authority of the U.S. district courts, and rulings from bankruptcy courts can be appealed to the district courts. Although bankruptcy law is federal law, state laws on secured transactions, liens, judgments, and exemptions also play a role in federal bankruptcy proceedings. Essentially, a bankruptcy court fulfills the role of an administrative court for the federal district court concerning matters in bankruptcy. The bankruptcy court holds proceedings dealing with the procedures required to administer the estate of the debtor in bankruptcy (the estate consists of the debtor's assets, as will be discussed shortly). A bankruptcy court can conduct a jury trial if the appropriate district court has authorized it and the parties to the bankruptcy consent. Title 11 of the
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This note was uploaded on 10/12/2011 for the course ACCT 362 taught by Professor Mint during the Fall '11 term at CUNY Queens.

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BL-Chapt30 - Print Chapter Page 1 of 29 Bankruptcy Law...

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