Business Law II – Professor Sharma (Lecture 4, Chapter 28 – 02.21.2015)

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Business Law II: Professor Sharma
Lecture #4, Chapter 28
Chapter 28: Bankruptcy and Reorganization
Date: February 21, 2015

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Time Stamps:

1:05 Introduction to Bankruptcy and Reorganization

3:40 Types of Bankruptcy

5:48 Bankruptcy Law

7:45 Bankruptcy Procedure

20:10 Exhibit 28.1: Debts that cannot be discharged in bankruptcy

22:15 Bankruptcy Estate

25:15 Exhibit 28.2: Federal Exemptions from the Bankruptcy Estate

30:05 Chapter 7-Liquidation

37:16 Exhibit 28.3: Priority of Unsecured Creditor Claims

40:50 Chapter 13: Adjustment of Debts of an Individual with Regular Income

54:40 Chapter 11: Reorganization

Summary of Lecture:

The Bankruptcy Reform Act of 1978 is debtor friendly, whereas the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is creditor friendly. The U.S. Bankruptcy Courts are special federal courts that hear and decide bankruptcy cases. Order for relief is an order that occurs upon the filing of either a voluntary petition or an unchallenged involuntary petition, or an order that is granted after a trial of a challenged involuntary petition. A proof of claim is a document required to be filed by a creditor that states the amount of his or her claim against the debtor. Proof of interest is a document required to be filed by an equity security holder that states the amount of his or her interest against the debtor.

Discharge is a court order that relieves a debtor of the legal liability to pay his or her debts that were not paid in the bankruptcy proceeding.
A bankruptcy estate is the debtor’s property and earnings that comprise the estate of a bankruptcy proceeding, which includes interest of debtor and the debtor’s spouse in community property. Exempt property is property that may be retained by the debtor pursuant to federal or state law that does not become part of the bankruptcy estate. Homestead exemption is equity in a debtor’s home that the debtor is permitted to retain.

Chapter 7-Liquidation is a form of bankruptcy in which the debtor’s nonexempt property is sold for cash, the cash is distributed to the creditors, and any unpaid debts are discharged. Abusive filing is a Chapter 7 filing that is found to be an abuse of Chapter 7 liquidation bankruptcy. Median income test may occur if a debtor’s median family income is at or below the state’s median family income for a family the same size as the debtor’s family, the debtor can receive Chapter 7 relief. Chapter 7 discharge is the termination of the legal duty of an individual debtor to pay unsecured debts that remain unpaid upon the completion of a Chapter 7 proceeding.

Chapter 11 is a bankruptcy method that allows the reorganization of the debtor’s financial affairs under the supervision of the bankruptcy court. Debtor-in-possession is a debtor who is left in place to operate the business during the reorganization proceeding. The creditors’ committee is a committee of unsecured creditors that is appointed by the court to represent the class of unsecured claims. Executory contract is a contract or lease that has not been fully prepared. Chapter 11 Plan of Reorganization sets forth a proposed new capital structure for a debtor to assume when it emerges from Chapter 11 reorganization bankruptcy.

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Do You Pay Unsecured Debts in a Chapter 13, Business Law II – Professor Sharma (Lecture 4, Chapter 28 – 02.21.2015).

How To Clear Your Charge Card Financial Obligation And Reconstruct Credit

We discussed the advantages of a Secured Debt consolidation loan, now let’s see the cons. Excuses are how we validate not enabling something to take place. I indicate neglect what other individuals are DOING AROUND YOU.

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How To Get Rid Of Financial Obligation Problems

Some people however, believe the other way round. You ought to evaluate these choices prior to making decision for stating a personal bankruptcy. Lots of books and articles have actually been composed to correct this.

Debt is a problem that everyone deals with at some time in his/her life. The solution to a financial obligation totally free life lies in the options one makes to counter the financial obligation, curb spending and lower expenses. Another method to counter the debt risk is by combining all the loans into one single secured debt consolidation loan. This is one total financial obligation that will pay all other smaller financial obligations and make life less complicated (besides conserving you money and helping ease the debt tension).

Initially, let’s comprehend unSecured Debt. Secured Debt is has a tangible product connected to it, such as a house, a cars and truck, a boat, a motorbike, or anything else that is used for security. Unsecured financial obligation has no tangible item connected to it for security. The truest example of unsecured debt is charge card financial obligation. When qualifying you for financial obligation settlement programs, this is the first thing that debt settlement companies consider.

Now that you know the how you entered into financial obligation, why you wish to get out and what you will do once you are out. Here are nine-steps for leaving customer financial obligation and avoiding permanently.

You can likewise discuss your particular chapter of insolvency choices with your lawyer. There is a big difference between Chapter 7 and Chapter 13. You need to select your insolvency carefully otherwise you will never ever become Debt Free. Or even worse, you may discover yourself on the path to being financial obligation free that is more unpleasant than must hold true. When again, if you do not have a clear concept of how the bankruptcy laws work, you won’t have the ability to effectively choose the right chapter of bankruptcy to submit.

According to a U.S. Congress report, the typical United States household has debt that more surpasses over 40% of what they make every month. In recent surveys from 2008 the average balance increased 30.5% to approximately $7350.00. According to the very same report put out by U.S. Congress, customers have Revolving Debt amounting to an amount of $950 billion.

Examine the reasons why you utilize your credit card. If you find that you utilize it just for regular grocery and domestic purchases, go in for a card that offers rewards on these deals.

Finding the finest cash benefits credit cards is truly basic. Just ensure that your FICO score has risen adequately, so it makes good sense to make an application for a 1% cash rebate, or a 5% money refund credit card. Then get the very best cash refund card online and use your money management skills that you developed while getting out of debt, to continue playing the video game with the banks, this time the “get the optimum money back while not going into debt” video game. It is an enjoyable and successful game!

Bank loans are excellent examples of Secured Debt. Usually outlet store cards and credit cards are the highest and frequently charge over 18% interest. The 2nd kind of financial obligation is unsecured financial obligation.

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