Understanding Bankruptcy Concepts

The Bankruptcy Code is a complex set of rules and procedures enacted to facilitate the liquidation or reorganization of individual and business debtors. This program will discuss basic bankruptcy concepts, including the difference between the various chapters under the Bankruptcy Code, the bankruptcy estate, the automatic stay, the interplay between state law and the Bankruptcy Code, and issues to be aware of when a bankruptcy petition is filed. The program will benefit state and federal litigators as well as transactional and compliance attorneys and those engaged in the lending industry.

Learning Objectives:

1. Understand the different types of bankruptcy cases a debtor may file (chapter 7, 9, 11, 12, 13, 15)

2. Understand key bankruptcy concepts such as the automatic stay, the bankruptcy estate, the role of the bankruptcy trustee, priority of repayment of debts, and bankruptcy discharge

3. Learn how to interpret bankruptcy schedules disclosing a debtor's assets and liabilities

4. Discuss when bankruptcy may be advantageous for various types of debtors

5. Identify when creditor action is stayed by the filing of a bankruptcy petition and when creditors need to take action to preserve rights