40.1 Law for Business, 15e by Ashcroft Chapter 40: Bankruptcy Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of.

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40.1 Law for Business, 15e by Ashcroft Chapter 40: Bankruptcy Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of Thomson Learning

40.2  Identify the purposes for bankruptcy and who may file for it.  Describe the procedures in a bankruptcy (liquidation) case.  Explain the effect of a discharge of indebtedness.  Summarize the effect of nonliquidation bankruptcy plans. Chapter 40 Objectives

40.3 Kinds of Bankruptcy Voluntary  A petition is filed by the debtor. Involuntary  Creditors file petition, forcing debtor into bankruptcy.  Court enters an order of relief.

40.4 Liquidation Certain property cannot be liquidated:  Residence  Vehicle  Household effects  Tools of the trade  Unmature life insurance contracts  Wearing apparel  Personal effects such as family heirlooms

40.5 Duties of Debtor  Debtor must cooperate fully with the trustee.  Debtor must attend creditors’ meetings and furnish evidence about debts due.  Debtor must prepare a schedule of all assets and liabilities.  Debtor must obey all orders of the referee.

40.6 Claims  What would an owner of consigned or bailed goods in possession of a debtor do to regain the property?  Give examples of the following:  Fully secured claims  Partially secured claims  Unsecured claims  What claim has the highest priority? Activity

40.7 Debts Not Discharged  Claims for alimony and child support.  Taxes incurred within three years.  Debts owed by reason of embezzlement.  Debts due on judgments.  Wages earned within three months of proceedings.  Debts incurred through fraud.  Educational loans.

40.8 Nonliquidation Plans  Chapter 11 (Business reorganization)  Business affairs can be restructured rather than liquidated.  Voluntary or involuntary.  Chapter 13 plans  Reorganization for individuals with less than $100,000 unsecured debts and less than $350,000 secured debts.  Voluntary.

40.9 Any questions?