BUL 3130 Chapter Notes - Chapter 32: Chapter 7, Title 11, United States Code, Automatic Stay, United States Code
Document Summary
Chapter 32: bankruptcy and reorganization: debtor- defined as an entity that owes money to another entity. Insolvent debtors- debtors who cannot pay their debts in a timely fashion: bankruptcy abuse prevention and consumer protection act of 2005 (bapcpa, title 11 of the united states code contains the bankruptcy code. If a(cid:374) i(cid:374)dividual files for (cid:271)a(cid:374)krupt(cid:272)y, the i(cid:374)dividual"s a(cid:271)ility to file for (cid:271)a(cid:374)krupt(cid:272)y agai(cid:374) is restricted for a particular time period depending on whether the petition was dismissed or completed: chapter 7 bankruptcy petitions: voluntary and involuntary. If a debtor is not paying debts as they come due, creditors can attempt to force the debtor into bankruptcy by filing an involuntary petition under chapter 7. Chapter 32: bankruptcy and reorganization: once a bankruptcy petition is filed, most litigation against the debtor is subject to a stay, order of relief- bankruptcy relief is ordered; the bankruptcy proceedings can continue. Between 20 and 40 days after the order of relief has been granted.
