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

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• published: 06 Mar 2015
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Business Law II: Professor Sharma Lecture #4, Chapter 28 Chapter 28: Bankruptcy and Reorganization Date: February 21, 2015 Please visit our website at http://raw.rutgers.edu 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. Please subscribe to our channel to get the latest updates on the RU Digital Library.