Capsule Summary vii 220 results (showing 5 best matches)
- Article 1, Section 8 of the United States Constitution empowers Congress to enact uniform laws on bankruptcy. Under this grant of authority, Congress passed the
- There are three categories of proceedings in a bankruptcy case: proceedings that (i) a bankruptcy case; or (3) a bankruptcy case. Whether the bankruptcy court may enter
- If an individual debtor files for bankruptcy and there were
- bankruptcy petition preparer
- jurisdiction over all bankruptcy cases. They have jurisdiction over all civil proceedings, which are controversies arising under the Code, or in or related to a bankruptcy case. The district courts are vested with over all of the debtor’s property, regardless of its location, as of the filing of a bankruptcy petition, as well as all property of the estate.
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Chapter One Introduction 1 77 results (showing 5 best matches)
- Bankruptcy petition preparers are not participants the bankruptcy case; for a fee, they prepare petitions and other bankruptcy documents necessary to file a bankruptcy case. In 1994, Congress added a new section to the Code to address concerns about bankruptcy petition preparers taking “unfair advantage of persons who are ignorant of their rights both inside and outside the bankruptcy system.” [ ] In 2005, Congress substantially amended the Code’s provisions governing bankruptcy petition preparers.
- The debtor, trustee, creditor, United States trustee, or bankruptcy administrator may file a motion for an order imposing a fine on a bankruptcy petition preparer. [B.C. § 110( to comply with the Code’s rules governing the conduct of bankruptcy petition preparers, the bankruptcy court may fine the bankruptcy petition preparer )(1)] The bankruptcy court must in any case in which the court finds that the bankruptcy petition preparer:
- Article 1, Section 8 of the United States Constitution empowers Congress to enact uniform laws on bankruptcy. Under this grant of authority, Congress passed the Bankruptcy Act of 1898 (the “Act”), which the Chandler Act of 1938 substantially amended. [Bankruptcy Act of (1938)] Under the Act, the bankruptcy court had which meant that it had jurisdiction over the debtor, administration of the estate, and any property in the actual or constructive possession of the court. The Act, however, gave concurrent jurisdiction to the bankruptcy court and state courts for ] Moreover, the bankruptcy court could exercise its jurisdiction over of the adverse party. Therefore, the bankruptcy court had no jurisdiction over property in the possession of a third person who had an adverse claim to the property, unless the third party to the bankruptcy court’s jurisdiction. The result was time-consuming litigation about what “constitute[d] adequate possession to give the bankruptcy court jurisdiction...
- The Bankruptcy Reform Act of 1978 repealed the Bankruptcy Act of 1898, and created the Bankruptcy Code, which became effective on October 1, 1979. [ (hereafter “B.C.”)] The Bankruptcy Code made sweeping substantive changes to the system established under the Bankruptcy Act. The Code substantially expanded the jurisdiction of the bankruptcy court to enable the bankruptcy judge to hear practically all matters arising in or related to the bankruptcy case, thereby eliminating some of the logistical problems of litigation under the Bankruptcy Act. Furthermore, the Code created the United States trustee system to perform the administrative functions previously performed under the Act by bankruptcy judges. Thus, under the Code, bankruptcy judges perform judicial functions while case administration is left to the United States trustees. [ The laws concerning jurisdiction are contained in title 28 of the United States Code (Judiciary and Judicial Procedure), not in title 11 (Bankruptcy Code).
- The debtor, trustee, or United States trustee or bankruptcy administrator may move for an award of based on the conduct of a bankruptcy petition preparer. After notice and a hearing, the court must award damages to the debtor if a bankruptcy petition preparer violated any of the Code’s rules governing bankruptcy petition preparers or the court determines that a bankruptcy petition preparer engaged in any
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Chapter Ten Administrative Powers: The Automatic Stay 241 74 results (showing 5 best matches)
- If an individual debtor files for bankruptcy and there were
- to be a debtor or if the debtor’s bankruptcy filing violates an
- when a bankruptcy petition is filed
- The bankruptcy court may grant relief from the automatic stay to a creditor whose claim is secured by if the court finds that the debtor’s filing for bankruptcy was part of a
- Debtor filed for relief under Chapter 13. Creditor held the note and deed of trust on Debtor’s home, and moved to lift the stay based on Debtor’s default on the note. The bankruptcy court granted Creditor’s motion, and Creditor noticed a trustee’s sale (under state law) of the property. On the day scheduled for the trustee’s sale of Debtor’s property, Debtor filed a request to dismiss her Chapter 13 case and immediately filed a second bankruptcy case. The trustee’s sale occurred after the filing of Debtor’s second bankruptcy case, but before Creditor’s attorney received notice of that case. The court held that the filing of Debtor’s second bankruptcy petition did not stay the trustee’s sale of her property. Debtor filed her second bankruptcy case within 180 days of requesting a voluntary dismissal of her prior Chapter 13 case after Creditor had filed a motion for and obtained relief from the stay. As a result, Debtor was not eligible under ...her second bankruptcy case. Therefore,...
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Review Questions and Answers 435 128 results (showing 5 best matches)
- Debtor obtained a divorce and the state court ordered him to pay alimony to his wife. Debtor failed to make the payments, and the state court eventually awarded Debtor’s ex-wife more than $1 million in past-due payments and interest. Debtor then filed for bankruptcy. The bankruptcy court dismissed Debtor’s bankruptcy case, concluding that it was simply a two-party dispute between Debtor and his ex-wife and served no bankruptcy purpose. The bankruptcy court found that the state court was the more appropriate forum for resolving family law issues, such as those presented in the case. Is the bankruptcy court’s decision correct?
- claim, then the bankruptcy court may enter a final judgment or order. If the core proceeding is a claim, then the bankruptcy court may enter a final judgment or order only with the parties’ consent. If the core proceeding is a claim but the parties do not consent to the bankruptcy court entering a final order or judgment, then the bankruptcy court must submit proposed findings of fact and conclusions of law to the district court to review
- Several months before bankruptcy, Debtor was involved in an automobile accident in which Victim, the driver of the other car, was seriously injured when Debtor failed to stop at a red light. Victim files a claim for personal injury in Debtor’s bankruptcy case. Will Victim’s claim be tried in the bankruptcy court?
- Debtor files for relief under Chapter 13. She files some of her schedules, but fails to file (i) copies of all her pay stubs for the 60-day period prior to bankruptcy, (ii) a statement of financial affairs, and (iii) a statement of her monthly income. On Day 46 of her bankruptcy case, is Debtor’s bankruptcy case automatically dismissed?
- Debtor filed for relief under Chapter 13 and proposed a plan that provided for payment of Creditor’s claim. Creditor objected to its treatment under Debtor’s plan. The bankruptcy court denied confirmation of the plan and ordered Debtor to propose a new plan. Can the Debtor immediately appeal the bankruptcy court’s order denying confirmation of her plan?
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Chapter Two Jurisdiction and Procedure; Sovereign Immunity 17 121 results (showing 5 best matches)
- In each district court having more than one bankruptcy judge the district court must designate one judge to serve as
- Debtor obtained a divorce in 2001, and the Commonwealth court in Puerto Rico (“CFI”) ordered him to pay $50,000 per month to his former spouse until the marital assets were divided and liquidated. Debtor never voluntarily paid the $50,000 per month, and he and his ex-wife fought in the CFI for a decade before the CFI awarded the ex-wife approximately $3.3 million in past-due payments and interest. Several weeks later, Debtor filed for relief under Chapter 11. The bankruptcy court dismissed the case on two grounds, one of which was abstention under § 305(a)(1). The bankruptcy court found that Debtor’s case served no bankruptcy purpose because it basically was a two-party dispute between Debtor and his ex-wife. The court explained that the CFI was the appropriate forum for resolving issues of local family and inheritance law, given that court’s expertise in those areas of law. The bankruptcy court also noted that because Debtor had refused to pay the monthly sum owed to his ex-wife,...
- The bankruptcy court may impose sanctions on attorneys, law firms, or parties who sign, file, or submit pleadings or other documents, or advocate for positions that (i) are [Bankruptcy Rule 9011(b) (c)] The court may impose sanctions only after notice and a reasonable opportunity to respond. [Bankruptcy Rule 9011(c)] This rule on sanctions does not apply to disclosures and discovery requests, responses, objections, and motions subject to bankruptcy rules governing adversary proceedings. [Bankruptcy Rules 9011(d)
- McKitrick represented Debtor Corporation in its Chapter 11 case. After the bankruptcy case closed, Debtor sued McKitrick in state court for malpractice. McKitrick removed the case to the federal district court, which referred the case to the bankruptcy court. The bankruptcy court abstained from hearing the malpractice case and remanded it to state court. On appeal, the bankruptcy appellate panel (“BAP”) affirmed the bankruptcy court’s decision. The BAP noted that the bankruptcy court had reached its conclusion after having found that 8 of the 12 factors that the court had examined weighed in ...abstention. The court explained that the Debtor’s creditors had been paid in full and, thus, any recovery in the malpractice action would not benefit bankruptcy creditors. The issue in the proceeding was governed by state law, i.e., malpractice, and that abstention would return the claim to the court in which it originally was filed. In addition, allowing the malpractice claim to proceed...
- Debtor filed for bankruptcy in the Western District of Missouri. Debtor’s residence and domicile were in Colorado, but Debtor’s principal place of business—his law office—was located in the Western District of Missouri. Creditor filed a motion to dismiss the bankruptcy case for improper venue. The bankruptcy court granted the motion, concluding that Debtor was a resident of Colorado and that the majority of his assets were located in Colorado. On appeal, the court reversed and remanded. The Bankruptcy Appellate Panel (“BAP”) explained that because the provides “four alternative bases for venue, the statute allows many possible locations where an entity or individual may file for bankruptcy protection.” The Debtor did not contest that his residence, domicile, and the location of his principal assets were in Colorado. Debtor argued, however, that his principal place of business was in Missouri, thereby making venue proper. The BAP reversed the bankruptcy court’s decision, concluding...
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Approach to Exams xcv 10 results (showing 5 best matches)
- Welcome to the study of bankruptcy law. Congress enacted the Bankruptcy Code in 1978 in a major overhaul of U.S. bankruptcy law. In 2005, Congress made significant changes to the Code with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act. (“BAPCPA”)
- Your bankruptcy law professor likely will test you on many of the topics summarized below. Take into consideration the following questions and reminders when analyzing and writing your exam answers.
- under a particular chapter of the Bankruptcy Code? [B.C. § 109
- to filing for bankruptcy? [B.C. § 109(h)
- After the filing of a bankruptcy petition, has any act been committed that violates the
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Chapter Three Commencement and Administration of the Case 41 79 results (showing 5 best matches)
- In 2005, Congress added a pre-bankruptcy credit counseling requirement for individual debtors. With limited exceptions, an individual may not file for bankruptcy until she has satisfied this credit counseling requirement. The Code also prevents certain individual debtors from re-filing for bankruptcy after dismissal of their earlier bankruptcy case.
- meeting, and the time allotted to each is limited. Therefore, any party in interest may file a motion for examination of the debtor under Bankruptcy Rule 2004 (“2004 Exam”). [Bankruptcy Rule 2004(a) ] For cause shown, the bankruptcy court may order that the 2004 Exam be held at any time or place that the court designates, even a location outside the district in which the bankruptcy court sits. [Bankruptcy Rule 2004(d)]
- to filing for relief under the Bankruptcy Code. To obtain a waiver of the pre-filing credit-counseling requirement, the debtor must submit to the bankruptcy court a
- wishes to stay in the rented residence after filing for bankruptcy
- of the bankruptcy filing [B.C. § 521(a)(1)(B)(iv) ; Bankruptcy Rule 1007(b)(1)(E)
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Chapter Twelve Bankruptcy Code Chapter 7: Liquidation 307 50 results (showing 5 best matches)
- If the trustee in the partnership’s bankruptcy case recovers from the general partners who are bankruptcy debtors an amount that exceeds a deficiency remaining after payment by the nondebtor general partners, the surplus will be returned to the general partners’ bankruptcy estates in an equitable manner. [B.C. § 723(d)
- The bankruptcy court may deny the Chapter 7 debtor a discharge if the debtor commits any act, either during her bankruptcy case or within one year before the petition was filed, described in § 727(a)(2)–(6) in connection with a separate bankruptcy case regarding an insider. [B.C. §§ 727(a)(7)
- pre-bankruptcy conduct.
- The Bankruptcy Code provides that there is no ground that the filing for relief under Chapter 7 is an abuse of the bankruptcy system. [B.C. § 707(b)(7)
- prior to filing for bankruptcy. The six- the filing of the bankruptcy case. [B.C. § 101(10A)(A)
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Chapter Four Case Administration: Officers of the Estate 65 49 results (showing 5 best matches)
- is that the trustee assumes many of the administrative responsibilities previously performed by the bankruptcy court, including the appointment and supervision of bankruptcy trustees, as well as the review of fee applications of attorneys and other professional persons, thereby helping to separate the administrative and judicial functions in bankruptcy cases. Remember that the United States trustee system does not operate in the six judicial districts in Alabama and North Carolina; instead, bankruptcy administrators perform many of the functions performed by the United States trustee.
- Even if the debtor’s attorney does not apply to the court for compensation, she still must file a statement of any fees paid or any fee agreement made within one year before bankruptcy for legal services related to the case. The statement also must indicate the source of payment. [B.C. § 329(a) ; Bankruptcy Rule 2016(b)] If the court determines that the compensation is unreasonable, it may cancel the fee agreement or order that any excessive portion be returned to the estate or to the entity that made the payment. [B.C. § 329(b); Bankruptcy Rule 2017 ] While the debtor’s attorney must report any fees paid within the year prior to filing for bankruptcy, there is no limitations period for disgorgement of excessive fees. [B.C. § 329(b) ; Bankruptcy Rule 2017(a) (ordering disgorgement of excessive fees paid more than one year before bankruptcy as a sanction for nondisclosure)]
- This chapter discusses the roles and duties of a bankruptcy trustee, an examiner, professional persons, and the United States trustee. The relevant provisions of the Bankruptcy Code are contained in §§ 321 through 333.
- The Bankruptcy Code grants the United States trustee the right to raise, appear and be heard with respect to any issue in a bankruptcy case. The United States trustee may not file a plan in a case under Chapter 11. [B.C. § 307
- Regarding bankruptcy trustees, remember that the nature of relief available varies according to the chapters of the Bankruptcy Code. Thus, appointment of a
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Chapter Five The Bankruptcy Estate 89 74 results (showing 5 best matches)
- Property of the debtor that becomes part of the bankruptcy estate is not affected by a clause in a contract, deed, or nonbankruptcy law that places restrictions or conditions on the debtor’s transfer of the property. Likewise, clauses that purport to cause a forfeiture, termination, or modification of the debtor’s interest in the property due to (i) the debtor’s insolvency, (ii) the debtor’s financial condition, (iii) the filing of a bankruptcy case concerning the debtor, or (iv) the appointment of a bankruptcy trustee or a nonbankruptcy custodian or the seizure of property by such persons will not prevent the property from being included in the bankruptcy estate. Such clauses are
- Proceeds of money orders sold within 14 days of bankruptcy, if there was an agreement between the debtor and the money order issuer not to commingle proceeds with property of the debtor, and the money order issuer took action to require the debtor’s compliance with the prohibition before bankruptcy. Because the proceeds should have been segregated, they are excluded from the bankruptcy estate. [B.C. § 541(b)(9)
- There is no right of setoff if an entity other than the debtor transferred the claim to the creditor after the filing of the bankruptcy petition or within 90 days prior to the bankruptcy petition at a time when the debtor was insolvent. [ that the debtor was insolvent during the 90 days immediately preceding bankruptcy. [
- On your exam, if you have to determine what property should be included in the bankruptcy estate, it is easy to forget that some property acquired post-petition should be included. Remember to include the following property if the property would have been estate property had debtor had an interest in the property at the time of bankruptcy filing after the bankruptcy petition was filed:
- amounts in a retirement, deferred compensation plan, or health insurance plan are excluded from the bankruptcy estate, not simply monies that the employer holds at the commencement of the bankruptcy case.
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Chapter Nine Discharge of Indebtedness 213 64 results (showing 5 best matches)
- Debtor owned a car dealership, and Creditor guaranteed Bank’s loan that financed the purchase of vehicles for the dealership. When Bank sued to collect on the loan, Creditor alleged that Debtor had fraudulently induced Creditor to sign the guarantee for the loan. The parties entered into a stipulation that provided that Bank could recover against both Creditor and Debtor, but that Creditor had a right to judgment against Debtor. Both the stipulation and resulting judgment were silent on the basis for Debtor’s liability to Creditor. Debtor subsequently filed for relief under the Bankruptcy Act. Creditor argued that the debt owed to him was nondischargeable, under § 17 of the Bankruptcy Act, because of Debtor’s fraud. Debtor claimed that the prior state court action had not resulted in a finding of fraud and, thus, res judicata prevented Creditor from re-litigating the nature of the debt before the bankruptcy court. The bankruptcy court ruled in favor of Debtor and concluded that...
- This chapter is the second of two chapters addressing the areas of bankruptcy law that give the debtor a “fresh start.” The chapter covers the effects of the debtor’s discharge, the ever-growing list of nondischargeable debts, and the Code’s provisions protecting the debtor from discrimination post-bankruptcy.
- More than Three Years Before Bankruptcy:
- in a bankruptcy case filed within certain time periods after the debtor received a discharge in a prior bankruptcy case. [
- nondischargeable debts. Wife does not file for bankruptcy but had she done so on the same day as Husband, she also would have had nondischargeable debts. Creditors of Husband or Wife that hold community claims on the date of Husband’s bankruptcy filing may not bring claims against community property that Husband and Wife acquire after Husband’s bankruptcy. [
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Chapter Fifteen Bankruptcy Code Chapter 13: Individual with Regular Income 399 60 results (showing 5 best matches)
- Debtor filed for relief under Chapter 13, and proposed a plan that provided for payment of only the principal of his outstanding student loans and discharge of that debt once he paid off the principal through the plan. Debtor owed United Student Aid Funds (“United”) $17,832.15, which represented both the principal and interest on his student loans. United filed a proof of claim and received a copy of Debtor’s plan but failed to object to the plan. The bankruptcy court confirmed the plan, even though Debtor had filed no adversary proceeding to determine dischargeability of the debt and the court had made no findings on undue hardship. After completing plan payments on the principal on his student loans, Debtor obtained a discharge on the interest due on the loans. When collection efforts were undertaken for the loan interest, Debtor filed a motion with the bankruptcy court asking for enforcement of the earlier discharge order. United opposed the motion and filed a cross-motion under
- of bankruptcy for of bankruptcy
- The Bankruptcy Code defines is backward looking—at the six months prior to filing for bankruptcy—a debtor whose financial circumstances change prior to bankruptcy may have less (or more) actual income to commit to a Chapter 13 plan than the disposable income calculation shows. The Supreme Court has held that in determining a debtor’s the bankruptcy court “may account for changes in the debtor’s income or expenses that are known or virtually certain at the time of confirmation.” [
- , (c)] The debtor may request in the plan a determination of the amount of a creditor’s secured claim. With the exception of a secured claim held by a governmental unit, any determination in the plan about the amount of a secured claim binds the holder of that claim, even if the holder files a contrary proof of claim or the debtor schedules the claim, or a claim objection was filed. [Bankruptcy Rule 3015(g) ] In order to bind the secured claim holder, however, the plan containing a request to determine the amount of the secured claim must be served on the holder of that claim and any other party designated by the bankruptcy court in the manner required for service of a summons and complaint. [Bankruptcy Rules 3012(b)
- Married debtors filed for relief under Chapter 13. The bankruptcy court confirmed debtors’ plan. Three years later, the Chapter 13 trustee moved to modify the plan under § 1329 to increase debtors’ monthly payments by $746. The trustee showed that the debtors’ income had increased by $50,000 since plan confirmation. Both the bankruptcy court and the district court concluded that they lacked authority to grant the trustee’s motion because ...in the Bankruptcy Code specifically authorized a post-confirmation plan modification based on a change in debtors’ income. But the court explained that both the purposes of Chapter 13—to allow debtors a fresh start without the need to liquidate assets and to ensure that debtors devoted all disposable income to repaying creditors—and the legislative history of the 1984 amendments, which provided that the trustee or unsecured creditors, not simply the debtor, could seek a post-confirmation modification of the plan supported the trustee’s position....
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Chapter Six The Bankruptcy Estate: The Trustee’s Avoiding Powers 111 90 results (showing 5 best matches)
- prior to the filing of the bankruptcy petition constitutes the preference period, unless the creditor was an insider, in which case, the preference period extends to before bankruptcy. If a question concerns a fraudulent transfer, remember that, under before bankruptcy. Also, sometimes state fraudulent transfer laws may be applied under § 544(b) to avoid transfers that occurred more than two years before bankruptcy.
- The seller’s right to reclamation only applies to goods received by the debtor within 45 days of the bankruptcy case. Thus, it appears that the language in § 546(c) referencing a 45-day period for making a written demand for reclamation is superfluous. Except in a case in which Day 45 lands on the date of bankruptcy filing, the 45-day period will expire after the filing of the bankruptcy case. Therefore, the seller always will have 20 days after the bankruptcy case has begun to make a written demand for reclamation. [5 Collier ¶ 546.04(2)(b)(iv)]
- The bankruptcy trustee has the power to avoid pre-petition preferential transfers. Use of this power constitutes another method by which, in appropriate circumstances, the bankruptcy estate may be enlarged for the benefit of creditors. [
- within 90 days prior to the filing of the bankruptcy petition
- prior to bankruptcy. [B.C. § 548(a) prior to bankruptcy. [B.C. § 548(e)
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Chapter Eight Debtor’s Exemptions 189 49 results (showing 5 best matches)
- This is the first of two chapters covering the areas of bankruptcy law that give the debtor a “fresh start.” This chapter covers exemptions and redemption; both topics deal with the debtor’s ability to exit bankruptcy with property sufficient to embark on a fresh financial start. The next chapter covers discharge and the Code’s provisions protecting debtors against discrimination post-bankruptcy. An individual debtor is entitled to from the bankruptcy estate. Chapter 5. By allowing the debtor to exempt property, the Code ensures that bankruptcy does not leave the debtor destitute and without the basic necessities of life. The debtor may elect either the exemptions provided for by the Bankruptcy Code, if the debtor’s domiciliary state has not opted out, or those permitted under applicable state exemption law. Exemption law after the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”) now contains federal limitations on exemptions even for debtors using the exemptions...
- Debtor and her father were joint tenants of three certificates of deposit (“CDs”). Debtor filed for bankruptcy but died during the pendency of the bankruptcy case. The trustee claimed that one-half of the CD funds belonged to the bankruptcy estate, because filing for bankruptcy had severed the joint tenancy with the non-debtor father and, thus, destroyed the father’s right of survivorship to the CDs. The trustee claimed that he and Debtor’s father held the CDs as tenants in common. The bankruptcy court rejected the trustee’s argument. The court held that “treats tenants by the entireties and joint tenants identically” and, thus, if filing for bankruptcy “does not sever the estate of [a] tenant by the entirety, then such filing does not sever joint tenants.” The bankruptcy court also found that bankruptcy filing did not sever a joint tenancy under West Virginia law. Thus, the CD funds passed to Debtor’s father by his right of survivorship. [
- If the debtor does not elect the federal bankruptcy exemptions or if the debtor’s domiciliary state has opted out, the exemptions available to the debtor are those allowable under applicable state law and nonbankruptcy federal law, subject to the Bankruptcy Code’s domiciliary requirement and to new Code restrictions on state homestead exemptions. [B.C. §§ 522(b)(3)
- On April 19, 2006, Debtor filed for relief under Chapter 7 in the bankruptcy court for the Middle District of Florida. At the time that he filed for bankruptcy, Debtor had lived in Florida for less than a year. Prior to the Florida move, Debtor’s domicile was Indiana. In his bankruptcy case, Debtor claimed the federal exemptions, even though Florida is an opt-out state. The trustee objected, claiming that Debtor was limited to Indiana’s exemptions. Indiana, however, limited its exemptions to debtors domiciled in the state on the date of the bankruptcy filing. The bankruptcy court held that Debtor could claim the federal exemptions based on the “hanging paragraph” at the end of § 522(b)(3) . The court explained that Debtor could not claim the Florida exemptions, because he was not domiciled in Florida at the time of bankruptcy, and also could not claim the Indiana exemptions, which were limited to debtors domiciled in Indiana at the time of bankruptcy filing. Because the operation of...
- and the court determines that filing for bankruptcy is an of the Bankruptcy Code [
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Chapter Seven Claims of Creditors 147 108 results (showing 5 best matches)
- ; Bankruptcy Rule 3004 ] The debtor may wish to file a proof of claim if the debt owed to the creditor is nondischargeable, because any distribution in the bankruptcy case would reduce the debtor’s post-bankruptcy liability for a debt that is not discharged. [ B.C. § 501(c) Historical and Statutory Notes (“[t]he purpose of [§ 501(c)] is mainly to protect the debtor if the creditor’s claim is nondischargeable”); Bankruptcy Rule 3004, 2005 Advisory Committee Notes (giving the debtor the chance “to file a claim ensures that the claim will participate in any distribution . . . [which] is particularly important for claims that are nondischargeable.”)]
- 12 or 13 case, the bankruptcy court may set a time for filing of claims arising from the rejection of executory contracts or unexpired leases. [Bankruptcy Rules 3002(c)(4)
- the proof of claim and the documents required by Bankruptcy Rule 3001(c)(2) are filed after the order for relief [Bankruptcy Rules 3002(c)(7)(A)
- provided by the relevant bankruptcy rule. [Bankruptcy Rules 3004
- In a Chapter 11 case, filing a proof of claim after the bar date is permitted based on excusable neglect. [Bankruptcy Rule 9006(b)(1) ] Bankruptcy Rule 9006(b) provides that the bankruptcy court may enlarge the time for filing a proof of claim in a Chapter 7, 12 or 13 case only according to the terms provided in Bankruptcy Rule 3002(c) ; in other words, the excusable neglect standard of Rule 9006(b) does not apply in Chapters 7, 12, or 13. [Bankruptcy Rule 9006(b)(3) (explaining that Bankruptcy Rule 3002(c) governs claim filing deadlines in Chapter 7 and finding that “Rule 3002(c) has no ‘excusable neglect’ provision”);
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Chapter Eleven Administrative Powers: §§ 363–366 of the Code 273 72 results (showing 5 best matches)
- Post-petition financing agreements may contain controversial provisions that require the court to scrutinize the terms for fairness to the bankruptcy estate. The Bankruptcy Rules provide that a motion to authorize the obtaining of post-petition credit must describe the nature and extent of any of these controversial provisions and identify their specific location in the proposed agreement and order. [Bankruptcy Rule 4001(c)(1)(B)
- The Bankruptcy Code does not define the terms “executory contract” or “unexpired lease.” Thus, the courts have attempted to construe these terms in the bankruptcy context when applying § 365
- bankruptcy trustee
- by a bankruptcy trustee or custodian prior to bankruptcy [B.C. § 365(b)(2)(C)
- the filing of a bankruptcy petition solely on account of an or other bankruptcy termination clause in the contract or lease. Thus, the Code invalidates any contractual provision that terminates or modifies the parties’ contract or lease based on:
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Chapter Thirteen Bankruptcy Code Chapter 11: Reorganization 333 96 results (showing 5 best matches)
- The bankruptcy court may terminate the trustee’s appointment at any time before a plan is confirmed. Any party in interest or the United States trustee may make such a request. If the bankruptcy court terminates the Chapter 11 trustee’s appointment, after notice and a hearing, the court restores the debtor to possession and management of the estate property and of operation of the debtor’s business. [B.C § 1105
- or within a later time set by the court. [Bankruptcy Rule 3014 or some other time set by the bankruptcy court. [Bankruptcy Rules 3014
- within the time provided by the Bankruptcy Code or order of the bankruptcy court
- In small business cases, the Bankruptcy Code imposes on the debtor in possession or the Chapter 11 trustee, if one is appointed, additional obligations not applicable to a non-small business case. [B.C. §§ 308 ; Bankruptcy Rule 2015(a)(6)
- Bankruptcy Code
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Chapter Fourteen Bankruptcy Code Chapter 12: Family Farmer or Fisherman with Regular Annual Income 383 16 results (showing 5 best matches)
- If your exam question involves a farming or fishing operation, consider whether Chapter 12 will apply and, if so, its advantages for the debtor. Study carefully the Bankruptcy Code’s definition of a (19A)], and note that corporations and partnerships, as well as individuals and their spouses may qualify for Chapter 12 relief. Recall that Chapter 12 gives the family farmer or family fisherman access to the bankruptcy court through a speedier, simpler, and less expensive procedure than under Chapter 11, and with higher debt limitations, in particular for family farmers, than those of Chapter 13. In situations in which farmland has depreciated greatly in value, Chapter 12 may offer a good alternative for the family farmer debtor.
- the taxable year before the taxable year in which the bankruptcy case is commenced
- each of the second and third taxable years before the taxable year in which the bankruptcy case is commenced.
- 2010 or 2011, the second and third taxable years prior to the bankruptcy filing.) The bankruptcy court disagreed and looked to the Internal Revenue Code, which treats settlement proceeds as income in the year in which they are received. The court explained that the Bankruptcy Code only requires that the debtor
- for the taxable year before the taxable year in which the bankruptcy case is filed.
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- Publication Date: May 1st, 2019
- ISBN: 9781640201217
- Subject: Bankruptcy/Creditors' Rights
- Series: Gilbert Law Summaries
- Type: Outlines
- Description: This up-to-date overview of Bankruptcy Law will help you prepare for success in the classroom and on your exam. This study guide begins with an 85-page Capsule Summary that covers the basics of this complicated topic in brief. The Capsule Summary is followed by a detailed outline, which runs over 400 pages. Examples are used throughout the text to illustrate especially complex elements of the Bankruptcy Code. The Capsule Summary and Outline are augmented by over 130 yes/no questions and several short-answer questions, which will help you reinforce and test your knowledge. Correct answers—along with insightful explanations—are included for each sample test question.