The us small business administration is expected to

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The U.S. Small Business Administration is expected to monitor the impact of BACPA on small businesses and inform Congress of any needed changes. C HAPTER  O UTLINE I. Bankruptcy Proceedings
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78           INSTRUCTOR’S MANUAL TO ACCOMPANY  BUSINESS LAW , ELEVENTH EDITION A. T HE  R OLE   OF   THE  B ANKRUPTCY  C OURTS Bankruptcy proceedings are held in federal bankruptcy courts under the authority of the federal district courts, to which rulings can be appealed. B. T YPES   OF  B ANKRUPTCY  R ELIEF The Bankruptcy Code is in Title 11 of the U.S.C. and has eight chapters. Chapters 1, 3, and 5 in - clude definitions and provisions governing case administration, creditors, debtors, and estates. Chapter 7 provides for liquidation. Chapter 9 governs the adjustment of municipal debts. Chapter 11 governs reorganizations. Chapters 12 and 13 provide for the adjustment of debts by parties with regular incomes (family farmers under Chapter 12). C. S PECIAL  T REATMENT   OF  C ONSUMER  D EBTORS A clerk of court must provide consumer-debtors (those whose debts arise primarily from purchases of goods for personal or household use) with certain information (details in the text). II. Liquidation Proceedings In a Chapter 7 liquidation (an ordinary or “straight” bankruptcy), a debtor states his or her debts and turns his or her assets over to a trustee, who sells nonexempt assets and distributes the proceeds to creditors.  With exceptions, the rest of the debts are discharged.
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CHAPTER 30:  BANKRUPTCY LAW           79 A. V OLUNTARY  B ANKRUPTCY Within 180 days of receiving credit counseling from an approved nonprofit agency, a debtor can file a voluntary petition. The debtor’s attorney must verify the information in the petition. A debtor does not have to be insolvent—anyone liable to a creditor can file. A husband and wife can file jointly. A DDITIONAL  B ACKGROUND Information and Automatic Dismissal In the case from which the following is excerpted,  In re Riddle , 344 Bankr.702 (S.D. Fla. 2006), the court  held that the   information   provided by the debtors was complete and, thus their case was not subject to  automatic dismissal  under the BAPCPA. SUA SPONTE ORDER DETERMINING DEBTORS' COMPLIANCE WITH FILING REQUIREMENTS OF SECTION 521(a)(1) A. JAY CRISTOL , Chief Judge. Pursuant to 11 U.S.C. § 521(i), if an individual debtor in a voluntary case under Chapter 7 or 13 fails to file all of the information required under 11 U.S.C. § 521(a)(1) within 45 days after the date of the filing of the petition, the case shall be “automatically dismissed” effective on the 46th day after the date of the filing of the petition.
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