FIN 240 Lecture Notes - Lecture 27: Automatic Stay, Whistleblower
Document Summary
Bankruptcy relief under chapter 12 and chapter 13. Code provides for family-farmer and family-fisherman debt adjustments (chapter 12) and individuals" repayment plans (chapter 13) Procedures for filing chapter 12 and chapter 13 plans are very similar, though chapter 13 plans are more commonly used. Individuals" repayment plans - individuals with regular income who owe fixed unsecured debts of less than. . 175 or fixed secured debts of less than ,149,525 use these bankruptcy repayment plans. Individual"s repayment plans (chapter 13) - chapter 13 can be initiated only by the debtor"s filing of a voluntary petition or by court conversion of a chapter 7 petition. Requirement of good faith on a debtor at both the time of the filing of the petition and the time of the filing of the plan. Turning over future earnings to execute the plan. Full payment through deferred cash payments of all priority claims. Identical treatment of all claims within a class.
