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BUL 4421 Final - FAU Gendler Chapter 32 Exam Q’s and A’s
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BUL 4421 Final - FAU Gendler Chapter 32 Exam Q’s and A’s
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BUL 4421 Final - FAU GendlerChapter 32 Exam Q’s and A’s
CHAPTER 32 - -Bankruptcy and Reorganization
- Bankruptcy Law - -is federal law; however, state laws regarding property
and debts may affect the bankruptcy proceeding.
- Types of Bankruptcy Relief (3): - -1. Chapter 7
2. Chapter 11
3. Chapter 13
- Chapter 7 Bankruptcy - -Type of Bankruptcy:
i. Sale of debtor's assets by trustee and the distribution of money to creditors
- The most familiar type of bankruptcy under chapter 7 - -liquidation,
sometimes called straight bankruptcy
- Liquidation - -occurs when a debtor turns over all assets to a trustee, an
individual who takes over administration of the debtor's estate.
- Chapter 11 Bankruptcy - -Bankruptcy that:
Reorganization of the debtor's financial affairs under the supervision of the
bankruptcy court.
- Chapter 13 Bankruptcy - -Bankruptcy that:
Reorganization of an individual's debts
- Chapter 13 - Bankruptcy Eligibility - -Individuals exclusively; have a
regular income, owe less than $336,900 for fixed unsecured debts or
$1,010,650 for fixed secured debts
- Types of Liquidation (2): - -1. Voluntary
2. Involuntary
- Voluntary Liquidation Proceeding - -when the debtor decides to file for
bankruptcy, he/she files a voluntary petition
- Involuntary Liquidation Proceeding - -if the debtor is not paying debts as
they come due creditors can attempt to force the debtor into bankruptcy by
filing an involuntary petition.
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