ACE Bankruptcy Law

1.2 The Dual Nature of Bankruptcy as a Remedy for Both Creditors and Debtors

• Describe the origins of bankruptcy in early English law.
• Explain the treatment of bankruptcy in the United States Constitution.
• Describe the early American Bankruptcy Statutes.
• Discuss the Bankruptcy Act of 1898.
• Explain the implications of the Bankruptcy Reform Act of 1978.
• Describe the amendments to the Bankruptcy Reform Act of 1978.

2.2 The Federal Rules of Bankruptcy Procedure and Official Forms

2.3 Bankruptcy Law Cases

2.4 Secondary Authority

• Describe the Universal Chapters of the Bankruptcy Code.
• Describe the Operative Chapters of the Bankruptcy Code.
• Explain the Federal Rules of Bankruptcy Procedure and Official Forms.
• Explain the importance of knowing the Local Rules governing bankruptcy.
• Analyze various types of bankruptcy law cases.
• Describe the legislative history of secondary authority.
• Discuss the various legal digests and professional journals that are used in the industry.
• Explain how loose-leaf services can help keep legal professionals updated in specialized areas.
• Identify popular treatises and legal periodicals that legal professionals use when researching litigation.

3.2 The Bankruptcy Petition Preparer

3.3 The Creditors and other Parties in Interest

3.4 The Administrative Office of the United States Courts

3.5 The Bankruptcy Judge and Staff

3.6 The Office of the Clerk of the Bankruptcy Court

3.7 The United States Trustees, Case Trustees, and Examiners

• Describe the role of the Debtor in the bankruptcy process.
• Describe the role of the Debtor’s Attorney in the bankruptcy process.
• Describe the role of the Paralegal in the bankruptcy process.
• Describe the role of the Debt Relief Agency in the bankruptcy process.
• Describe the role of the Bankruptcy Petition Preparer in the bankruptcy process.
• Describe the role of the Creditor in the bankruptcy process.
• Explain how the Administrative Office of the United States Courts are involved in the bankruptcy process.
• Describe the role of the Bankruptcy Judge in the bankruptcy process.
• Describe the role of the Judge’s Law Clerk in the bankruptcy process.
• Describe the role of the Judicial Assistant in the bankruptcy process.
• Describe the role of the Courtroom Deputy in the bankruptcy process.
• Describe the role of the Court Reporter in the bankruptcy process.
• Describe the role of the Bankruptcy Court Clerk in the bankruptcy process.
• Describe the role of the Deputy Clerks in the bankruptcy process.
• Describe the role of the United States Trustees in the bankruptcy process.
• Describe the role of the Case (Private) Trustees in the bankruptcy process.
• Describe the role of the Examiners in the bankruptcy process.

4.2 The Creditor-Client

4.3 The Debtor-Client in an Involuntary Bankruptcy

• Describe the information gathering that the debtor-client completes during a bankruptcy.
• Explain the analysis of information that takes place, both bankruptcy-related and nonbankruptcy-related.
• Describe the type of counseling that the debtor-client is entitled to receive.
• Explain the process of drafting the bankruptcy forms.
• List some causes of creditor’s distress.
• Describe the information-gathering that the creditor-client completes during a bankruptcy.
• Discuss the implications if the debtor has, or has not, filed for bankruptcy.
• Describe the type of counseling available to the creditor-client.
• Explain the information gathering, analysis, and counseling that occurs when the debtor-client is in an involuntary bankruptcy.

5.2 The Filing of the Petition

5.3 The Significance of Filing a Petition

5.4 The Appointment and Powers of an Interim Trustee

5.5 Proofs of Claim and Proofs of Interest

5.6 Motions and Complaints After the Order for Belief

5.7 Order and Notice of Chapter 7 Bankruptcy Filing

5.8 Objections by a Party in Interest to Debtor’s Claim of Exemptions

5.9 Meeting of Creditors (The Section 341 Meeting)

5.10 Redemption, Discharge, and Reaffirmation

5.11 Distribution of Property of the Estate

5.12 Closing the Case

5.13 After the Case is Closed

• Describe the process of initiating a Chapter 7 case.
• Explain the lengthy process of filing the petition.
• Describe the significance of filing a petition, including the order for relief, creating the estate, exemptions, and the automatic stay.
• Explain the specific powers an interim trustee holds in a Chapter 7 bankruptcy.
• Discuss the various proofs of claim and proofs of interest involved with a Chapter 7 bankruptcy.
• Describe the motions and complaints after the order for relief has been completed.
• Explain what takes place at the meeting of creditors, also called the Section 341 Meeting.
• Describe what happens during the redemption, discharge, and reaffirmation steps of the Chapter 7 process.
• Explain what happens when the estate’s property is distributed.
• Describe the process of closing a Chapter 7 case and what takes place after the case is closed.

6.2 The Filing of the Petition

6.3 The Significance of Filing a Petition

6.4 The Chapter 13 Plan

6.5 The Clerk’s Notice

6.6 Appointment and Duties of a Chapter 13 Trustee

6.7 Meeting of Creditors

6.8 Motions and Complaints After the Order for Relief

6.9 Hearing on Confirmation of the Plan

6.10 Chapter 13 Trustee’s Distribution of Payments Under the Plan

6.11 Modification of the Plan After Confirmation

6.12 Revocation of Order of Confirmation

6.13 Discharge

6.14 Revocation of the Discharge

6.15 Closing the Case and Proceedings After the Case is Closed

• Describe the process of initiating a Chapter 13 case.
• Explain the process and the significance of filing the petition.
• Describe what is contained in a Chapter 13 Plan.
• List and describe the duties of the Chapter 13 Trustee.
• Explain what happens during the meeting of the creditors, also called the Section 341 Meeting.
• Discuss the various motions and complaints after the Order for Relief.
• Describe what occurs at the hearing on confirmation of the plan.
• Explain how the Chapter 13 Trustee distributes payments under the plan, and how the plan can be modified after the confirmation.
• Describe the process of discharging and closing a Chapter 13 case.

7.2 The Filing of the Petition

7.3 The Significance of Filing a Petition

7.4 The Clerk’s Notice

7.5 Appointment and Duties of a Chapter 12 Trustee

7.6 Meeting of Creditors (The Section 341 Meeting)

7.7 Motions and Complaints After the Order for Relief

7.8 The Chapter 12 Plan

7.9 Hearing on Confirmation of the Plan

7.10 Trustee’s Distribution of Payments Under the Plan

7.11 Modification of the Plan After Confirmation

7.12 Revocation of Order of Confirmation, Conversion, or Dismissal

7.13 Discharge

7.14 Revocation of the Discharge

7.15 Closing the Case and Proceedings After the Case is Closed

• Describe the process of initiating a Chapter 12 case.
• Explain the process and the significance of filing the petition.
• Describe what is contained in a Chapter 12 Plan.
• List and describe the duties of the Chapter 12 Trustee.
• Explain what happens during the meeting of the creditors, also called the Section 341 Meeting.
• Discuss the various motions and complaints after the Order for Relief.
• Describe what occurs at the hearing on confirmation of the plan.
• Explain how the Chapter 12 Trustee distributes payments under the plan, and how the plan can be modified after the confirmation.
• Describe the process of discharging and closing a Chapter 12 case.

8.2 The Chapter 11 Petition and its Significance

8.3 Order and Notice of Chapter 11 Bankruptcy Filing

8.4 Appointment of a Committee of Unsecured Creditors and a Committee of Equity Security Holders

8.5 Meeting of Creditors (The Section 341 Meeting)

8.6 Motions and Complaints

8.7 Disclosure Statement

8.8 The Chapter 11 Plan

8.9 Hearing on the Disclosure Statement

8.10 Hearing on Confirmation of the Plan

8.11 Effect of Confirmation of the Plan

8.12 Distribution Under the Plan and Reporting by Debtor in Possession or Chapter 11 Trustee

8.13 Revocation of an Order of Confirmation

8.14 Final Report and Final Decree

• Describe the process of initiating a Chapter 11 case.
• Explain the process and the significance of filing the petition.
• Describe what is contained in a Chapter 11 Plan.
• Explain the purpose of a committee of unsecured creditors.
• List and describe the duties of the Chapter 11 Trustee.
• Explain what happens during the meeting of the creditors, also called the Section 341 Meeting.
• Discuss the various motions and complaints after the Order for Relief.
• Describe what occurs at the hearing on confirmation of the plan.
• Explain how the Chapter 11 Trustee distributes payments under the plan, and how the plan can be modified after the confirmation.
• Describe the process of writing the final report and final decree in a Chapter 11 case.

9.2 Selecting the Chapter if the Debtor is Eligible Under Multiple Chapters

• Explain the chapters of the Bankruptcy Code that are available to business debtors.
• Explain the chapters of the Bankruptcy Code that are available to nonbusiness debtors.
• Explain the chapters of the Bankruptcy Code that are available to both business and nonbusiness debtors.
• Describe the “best-interests” test that a debtor should take before deciding which Chapter to choose.
• Explain when a business debtor should: liquidate under Chapter 7 or reorganize under Chapter 11.
• Explain when a business debtor should: liquidate under Chapter 7 or liquidate under Chapter 11.
• Explain when a business debtor should: reorganize under Chapter 11 or to adjust debt under Chapter 12 or 13.
• Explain when a nonbusiness debtor should: liquidate under Chapter 7 or to adjust debt under Chapter 13.
• Explain when a nonbusiness debtor should: liquidate under Chapter 7 or liquidate under Chapter 11.
• Explain when a nonbusiness debtor should: reorganize under Chapter 11 or to adjust debt under Chapter 13.

10.2 Flow Chart for the Involuntary Petitions

10.3 The Filing of the Creditors’ Petition

10.4 The Significance of Filing a Petition

10.5 The Debtor’s Answer

10.6 Hearing and Disposition of an Involuntary Petition

• Describe when debtors may be subject to involuntary petition.
• Explain the requirements of a petitioning creditor.
• Explain a flow chart for involuntary petitions.
• Describe the process and significance of the creditor’s petition.
• Explain what Gap Period Creditors are.
• Explain what options the debtor has when answering the creditor’s petition.
• Describe the Order for Relief and its implications.
• Discuss when an involuntary petition might be dismissed