TAILIEUCHUNG - Lecture Dynamic business law - Chapter 32: Bankruptcy and reorganization

After reading this chapter, you will be able to answer the following questions: What are the goals of the Bankruptcy Act? What is the basic set of procedures for bankruptcy cases? What specific types of relief are available through bankruptcy? | Chapter 32 Bankruptcy and Reorganization Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 32: Bankruptcy and Reorganization 32- The Bankruptcy Act And Its Goals Provide debtors with opportunity to realize a “fresh financial start” Offer protection to creditors The purpose of The Bankruptcy Act is to provide debtors with an opportunity to realize a “fresh financial start,” while simultaneously protecting the interests of creditors. Bankruptcy Law Is A Matter Of Federal Jurisdiction United States Constitution Article I, Section 8: “Congress shall have the power To establish uniform laws on the subject of bankruptcies throughout the United States” 32- Bankruptcy law is a matter of federal jurisdiction. According to Article I, Section 8 of the United States Constitution, “Congress shall have the power To establish uniform laws on the subject of bankruptcies throughout the United States.” 32- The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) Most comprehensive change to bankruptcy law in over 25 years BAPCPA Effect: More difficult for individual debtor to qualify for Chapter 7 (Liquidation) bankruptcy The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is the most comprehensive change to bankruptcy law in over 25 years. The principle effect of the Act is that it is now substantially more difficult for an individual debtor to qualify for Chapter 7 (“liquidation”) bankruptcy. 32- Reasons Cited For The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Increased number of bankruptcy filings Significant creditor losses associated with bankruptcy filings Debtor abuse of bankruptcy protection rights Debtor ability to repay Reasons cited for The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 include an increased number of bankruptcy filings, significant .

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