BUL-3310 Lecture Notes - Lecture 39: Involuntary Servitude, Fraudulent Conveyance, Automatic Stay
4 Nov 2017
School
Course
Professor
Document Summary
Along with the debtor and trustee, the committed assists in formulating the reorganization plan: the trustee investigates the acts, conducts, assets etc. , and files a written report with the court. Debtor, or trustee may file a plan of reorganization; and the plan will classify claims. Confirmation makes the plan binding on the debtor and creditors. The plan must provide for payments of all claims entitled to priority. Secured creditors may be paid in full or allowed to retain their liens: the plan may modify the rights of both secured and unsecured claim holders, but it may not modify the rights of real estate holders. If the court is satisfied that the plan is feasible, the plan is confirmed. If all payments are made, the court grants a discharge of all debts. If not all payments are made, debtors may be granted a discharge if the debtor should not justifiably be held to account for the surrounding circumstances.
