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Bankruptcy: An Overview of the Process and Selected Topics Bruce J. Ruzinsky, Esq. Matthew D. Cavenaugh, Esq.
Overview I.Chapters of the Bankruptcy Code II.Key Concepts III.Points of Interest for Paralegals
Key Concepts Property of the Estate Cash Collateral Automatic Stay Executory Contracts Avoidance Actions Discharge / Dischargeability Turnover Plan / Disclosure Statement
PROPERTY OF THE ESTATE What is it? How does it affect you?
CASH COLLATERAL What is it? Restrictions on use.
AUTOMATIC STAY What is it? Exceptions: where the automatic stay does not apply. Relief from the automatic stay.
EXECUTORY CONTRACTS What are they? Assumption and Rejection.
DISCHARGE / DISCHARGEABILITY How does a Debtor get one? Litigation.
TURNOVER Property of the Estate Exception: Right of Setoff
AVOIDANCE ACTIONS Preferences and Fraudulent Transfers The Debtor giveth, and the Trustee taketh away!
PLAN / DISCLOSURE STATEMENT Gotta have a plan.
This may interest you… Exemptions. Proofs of Claim. Schedules / Statement of Financial Affairs Preference Exposure / Liability Analysis Section 341 Meetings Testimony in Court
EXEMPTIONS The Homestead “Tools of the Trade”
PROOF OF CLAIM A written statement and verifying documentation filed by a creditor that describes the reason the debtor owes the creditor money. (There is an official form for this purpose.)
SCHEDULES AND STATEMENT OF FINANCIAL AFFAIRS
PREFERENCE EXPOSURE Don’t look now, but you may be exposed…
WHO YOU MAY REPRESENT IN A BANKRUPTCY CASE Debtor Trustee CRO Committee Creditors Equity Interest Holders Asset Purchasers
REQUIRED MEETINGS Section 341 Meeting Initial Debtor Conference Rule 2004 Exams
TESTIMONY IN COURT “Do you solemnly swear…”
Chapter Nine. Exemptions After reading this chapter, you will be able to: Define of exemptions Understand the concept of exemptions and their importance.
Dealing with Counterparty/Bankruptcy Risk in the Upstream Oil and Gas Industry Bruce Ruzinsky Jackson Walker L.L.P Monica.
Prentice Hall © PowerPoint Slides to accompany The Legal Environment of Business and Online Commerce 5E, by Henry R. Cheeseman Chapter 29 Bankruptcy.
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1. 2 “As in many areas of law, bankruptcy law must balance between competing interests. When an individual or business files for bankruptcy protection,
Chapter Three. Filing a Petition After reading this chapter, you will be able to: Describe the “gatekeeper” provisions in individual bankruptcy cases Understand.
Chapter Fifteen. Avoiding Powers-- Introduction After reading this chapter, you will be able to: Describe the concept and purpose of the trustee’s avoiding.
Chapter 36 Bankruptcy Twomey, Business Law and the Regulatory Environment (14th Ed.)
Chapter Seventeen. Fraudulent and Postpetition Transfers After reading this chapter, you will be able to: Understand fraudulent transfers as they exist.
Bankruptcy and its English Origin In early English law, those unable to pay their debts went to debtor’s prison. The goal of English bankruptcy law was.
Comprehensive Volume, 18 th Edition Chapter 37: Bankruptcy.
Legal Document Preparation Class 9Slide 1 Basic Debtor-Creditor Terminology Debtor: person who owes the money Creditor: person to whom the money is owed.
Bankruptcy. “One could always begin again in America, even again and again. Bankruptcy, which in the fixed society of Europe was the tragic end of a career,
Bankruptcy Professor McKinsey OBE 118, Section 3, Fall 2004 You cannot engage in transactions effectively without understanding the extent of and limits.
Business Law and the Regulation of Business Chapter 39: Bankruptcy By Richard A. Mann & Barry S. Roberts.
Copyright © 2004 by Prentice-Hall. All rights reserved. PowerPoint Slides to Accompany BUSINESS LAW E-Commerce and Digital Law International Law and Ethics.
Slides developed by Les Wiletzky Wiletzky and Associates Copyright © 2006 by Pearson Prentice-Hall. All rights reserved. PowerPoint Slides to Accompany.
Bankruptcy ABCs For Healthy Companies Morris S. Bauer, Esq. The material provided herein is for informational purposes only and is not intended as legal.
Chapter 35 BANKRUPTCY. 2 Bankruptcy Law Jurisdiction over bankruptcy cases is in U.S. district courts, which may refer all cases and related proceedings.
25-1 Chapter 28 Bankruptcy and Reorganization. Introduction to Bankruptcy and Reorganization Bankruptcy Reform Act of 1978 Debtor friendly Bankruptcy.
5 THINGS EVERY LAWYER SHOULD KNOW ABOUT BANKRUPTCY Laura A. Deeter, Esq.
© 2004 West Legal Studies in Business A Division of Thomson Learning BUSINESS LAW Twomey Jennings 1 st Ed. Twomey & Jennings BUSINESS LAW Chapter 34 Bankruptcy.
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Chapter Seven. Overview of Chapter 7 After reading this chapter, you will be able to: Describe the basic events which occur in all bankruptcy proceedings.
Secured Transactions and Bankruptcy Professor McKinsey OBE 118, Section 10, Fall 2004 In the real world, few goods are paid for in cash. Most are financed.
Bankruptcy in the Oil Patch OCAPL, Monday, Nov. 2, 2015 Melissa R. Gardner Attorney Phillips Murrah, PC
Now What? Evaluating Your Position Upon a Counterparty’s Bankruptcy Brandy A. Sargent November 9, 2009.
40.1 Law for Business, 15e by Ashcroft Chapter 40: Bankruptcy Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of.
Chapter 13. Credit: Extension of a loan from one party to another Creditor (lender): The lender in a credit transaction Debtor (borrower): The borrower.
Mayday! Bankruptcy Is Looming or Filed – Now What? January 19, 2016 David Schilli & Andy Tarr.
Bankruptcy and Claims Investigation By Sandy Williams, Jennifer Seidler, and Tonda Lee SmithAmundsen, LLC.
No Assignments this week!! Just the Discussion board!! Yay – no Homework!!!!
40.1 b a c kn e x t h o m e Identify the purposes for bankruptcy and who may file for it. Describe the procedures in a bankruptcy (liquidation) case.
Chapter Thirteen Accounting for Legal Reorganizations and Liquidations Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or.
Chapter Twelve. The Automatic Stay—11 U.S.C 362 After reading this chapter, you will be able to: Describe litigation that occurs in the bankruptcy system.
1 Secured Transactions Assignment 6 Bankruptcy and the Automatic Stay.
© 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.
Bankruptcy and the Bankruptcy Abuse Prevention and Consumer Protection act of 2005.
© 2010 Pearson Education, Inc., publishing as Prentice-Hall 1 BANKRUPTCY AND REORGANIZATION © 2010 Pearson Education, Inc., publishing as Prentice-Hall.
Why file for a Bankruptcy? Loss of job? Medical bills? Foreclosure? Divorce? Just a run of bad luck? A fundamental goal of the federal bankruptcy laws.
Copyright © 2004 by Nelson, a division of Thomson Canada Limited CANADIAN BUSINESS AND THE LAW Second Edition by Dorothy Duplessis Steven Enman Shannon.
Chapter Nineteen. Executory Contracts and Leases After reading this chapter, you will be able to: Define the term “executory contract” as a specialized.
Chapter Twenty. Miscellaneous Provisions Regarding Property of the Estate After reading this chapter, you will be able to: List the restrictions placed.
In a bankruptcy proceeding, what constitutes the debtor’s estate in property? What property is exempt from the estate under federal bankruptcy law? In.
Chapter Fourteen. Property of the Estate and Turnover Complaints After reading this chapter, you will be able to: Define “property of the estate” Identify.
Chapter 32 Bankruptcy and Reorganization McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright © 2009 by Pearson Prentice Hall. All rights reserved. PowerPoint Slides to Accompany CONTEMPORARY BUSINESS AND ONLINE COMMERCE LAW 6 th Edition.
Chapter Eighteen. Use, Sale, or Lease of Property After reading this chapter, you will be able to: Describe the details of the actual liquidation process.
Construction Engineering 380 Termination. Termination for breach was covered in depth earlier Can also have termination for convenience by owner –Owner.
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