01-06 - Basic Bankruptcy Law for Paralegals Seventh Edition...

Info icon This preview shows pages 1–17. Sign up to view the full content.

View Full Document Right Arrow Icon
Basic Bankruptcy Law for Paralegals Seventh Edition David L. Buchbinder
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Chapter One. A Short History of Bankruptcy After reading this chapter, you will be able to: Define bankruptcy Understand why the United States Bankruptcy Code emphasizes notions of both debtor relief and debt collection Understand the foundational terms and concepts necessary to approach a study of the bankruptcy system
Image of page 2
Bankruptcy Systems Methods developed by societies to resolve the effects of financial crisis.
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Common Reasons for Individual Bankruptcy Filings Death in the family Divorce Catastrophic illness Unanticipated unemployment Excessive credit card debt
Image of page 4
Common Reasons for Business Bankruptcy Filings Obsolete products Failure to compete in the industry Mismanagement Sudden catastrophe Insider disputes Fraud A poor general economy
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Debt Collection The primary focus of the debt collection features of bankruptcy systems has always been to formulated a body of rules to provide for the collection of assets of a debtor and the equitable distribution of the proceeds of those assets among multiple creditors.
Image of page 6
Debtor Relief The primary focus of the debtor relief features of bankruptcy systems has vacillated throughout history from the extremes of punishment to forgiveness.
Image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Discharge Legal relief from debt
Image of page 8
Exemption Statutorily defined property that an individual debtor may protect from administration by a bankruptcy estate. Exempt property is not available for liquidation to pay a dividend to creditors. Exemptions are a primary element of debtor relief.
Image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Liquidation The sale of an estates assets to repay creditors.
Image of page 10
Composition Agreement An agreement between a debtor and multiple creditors for the repayment of debt.
Image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Chapter Two. Introduction to the Bankruptcy Code After reading this chapter, you will be able to: Provide an organizational overview of the Bankruptcy Code Define basic bankruptcy terms, including creditor, debtor, and trustee Understand the two basic types of bankruptcy proceedings: liquidations and reorganizations List alternatives to bankruptcy
Image of page 12
Bankruptcy Code The name of the bankruptcy laws in effect in the United States since October 1, 1979. This code has been significantly amended four times, in 1984, 1986, 1994, and 2005.
Image of page 13

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Creditors and Debtors Creditor : An entity with a claim arising before the filing of a bankruptcy petition. Claim : A right to payment of any kind or a right to performance that may be compensated by damages. Debtor : An entity that owes a debt (a liability upon a claim). The entity filing a voluntary bankruptcy proceeding or against whom an order for relief is entered in an involuntary bankruptcy is known as the debtor.
Image of page 14
Trustee An independent third party who liquidates the estate’s assets and distributes dividends to the creditors.
Image of page 15

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Practice Pointer To the extent that a specific provision of Chapters 7, 11, 12 or 13 conflict with a general provision in Chapters 1, 3 and 5, the specific provision will generally control over the general provision.
Image of page 16
Image of page 17
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern