tailieunhanh - Lecture Business law: The ethical, global, and e-commerce environment (15/e): Chapter 30 - Mallor, Barnes, Bowers, Langvardt

Chapter 30 - Bankruptcy. After completing this chapter, students will be able to: Explain purpose of bankruptcy code and types of bankruptcy proceedings (chapters 7, 11, 12, 13), describe process by which property in a debtor’s estate is distributed to creditors and the debtor is granted discharge in bankruptcy, identify dischargeable debts. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 6 Introduction to Credit and Secured Transactions Security Interests in Personal Property Bankruptcy Credit P A R T Bankruptcy P A E T R H C 30 Success is not built on success. It's built on failure. It's built on frustration. Sometimes its built on catastrophe. Sumner Redstone Executive Chairman and Founder of Viacom Learning Objectives Explain purpose of bankruptcy code and types of bankruptcy proceedings (Chapters 7, 11, 12, 13) Describe process by which property in a debtor’s estate is distributed to creditors and the debtor is granted discharge in bankruptcy Identify dischargeable debts The federal Bankruptcy Code provides an organized procedure for insolvent debtors and is supervised by a federal court Primary proceedings include: Straight bankruptcy (liquidations) Reorganizations Family farms and commercial fishing operations Consumer debt adjustments The Bankruptcy Code All . | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 6 Introduction to Credit and Secured Transactions Security Interests in Personal Property Bankruptcy Credit P A R T Bankruptcy P A E T R H C 30 Success is not built on success. It's built on failure. It's built on frustration. Sometimes its built on catastrophe. Sumner Redstone Executive Chairman and Founder of Viacom Learning Objectives Explain purpose of bankruptcy code and types of bankruptcy proceedings (Chapters 7, 11, 12, 13) Describe process by which property in a debtor’s estate is distributed to creditors and the debtor is granted discharge in bankruptcy Identify dischargeable debts The federal Bankruptcy Code provides an organized procedure for insolvent debtors and is supervised by a federal court Primary proceedings include: Straight bankruptcy (liquidations) Reorganizations Family farms and commercial fishing operations Consumer debt adjustments The Bankruptcy Code All bankruptcy proceedings begin by filing a petition, either voluntary or involuntary A voluntary petition may be filed by an individual, partnership, or corporate debtor An involuntary petition may be filed by creditors of a debtor in an attempt to reach debtor’s assets in lieu of payment on debts The Bankruptcy Code Filing a bankruptcy petition operates as an automatic stay, halting creditor action against a debtor or property, including: Beginning or continuing judicial proceedings against the debtor Actions to repossess the debtor’s property; Actions to create, perfect, or enforce a lien against the debtor’s property; and Setoff of indebtedness owed to debtor before commencement of the bankruptcy proceeding The Automatic Stay Once a bankruptcy petition has been filed, the court must first determine whether relief should be ordered This step automatic for a voluntary petition or no-contest of involuntary petition If debtor contests involuntary petition, then a trial is held on .