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Bankruptcy


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After you have studied this chapter, you should be able to:
  1. List and describe the major types of bankruptcy proceedings.

  2. Compare the purpose, basic procedure, and advantages of each of those types of bankruptcy proceedings.

  3. Explain the procedure by which Chapter 7 (liquidation) proceedings are begun and the roles the court and the bankruptcy trustee play in managing the bankruptcy process.

  4. Understand what assets are included in the bankruptcy estate, the nature of the exemptions, and when the trustee can avoid prior transactions made by the debtor to reclaim assets for the bankruptcy estate.

  5. Distinguish among claims, allowable claims, secured claims, and priority claims of creditors.

  6. Describe the process by which the property in a debtor's estate is distributed to creditors and the debtor is granted a discharge in bankruptcy.

  7. List the kinds of debts that are not dischargeable.










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