Bankruptcy LawLSP 253
Prerequisite: ENG 111 (or OAT 151) with a minimum grade of "C", LSP 110. Illustrates the legal aspects of the bankruptcy law and demonstrates the practical approach to working in this area. Reviews Federal Bankruptcy Law including different types of bankruptcy chapters, exemptions, dischargeable and nondischargeable debts, preferences, the role of the Bankruptcy Trustee, and preparation of petitions and schedules in bankruptcy. Emphasizes the effective use of the Legal Support Professional. (45-0)
Outcomes and Objectives
Demonstrate an elementary knowledge of the history of development of debtor and creditor rights.
- Discuss the history of development of principles of debtor and creditor rights from pre-Roman law through Elizabethan statute and through modern complex economies.
- Modify the initial introduction of basic concepts of discharge, debtor relief, fresh start, liquidation, and automatic stay.
- Identify historical developments within different economic and social contexts.
Demonstrate an elementary knowledge of procedures pertaining to estate property and executory contracts.
- Discuss the concept of cash collateral.
- Discuss the concept of limitations upon use, sale, or lease of property.
- Identify potential use powers.
- Define and explain the concept of executory contract and time limits for assumption or rejection.
- Explain the concept of abandonment, obtaining credit, and preservation of cash.
Demonstrate elementary knowledge of the processes of claims determination.
- Discuss the claim determination process and procedure.
- Discuss claims objections and procedure and identify various types of claims and their property.
- Discuss redemption, order, and method of distribution.
Demonstrate knowledge of the basic concepts underlying Chapter 11 Bankruptcy.
- Discuss basic concepts in Chapter 11 and basic procedures.
- Discuss insider composition, operating reports, and court guideline requirements.
- Discuss plan characteristics and mandatory and permissive plan provisions.
- Discuss and identify elements of disclosure statement, plan, and voting rules.
- Discuss Chapter 11 cramdown.
Demonstrate understanding of reorganization proceedings.
- Discuss Chapter 13 eligibility requirements.
- Discuss Chapter 13 plan provisions, confirmation hearing conditions and procedure, and time line.
- Discuss Chapter 12 reorganization, eligibility requirements, and purposes of Chapter 12.
- Discuss and compare Chapter 11 and 13 proceedings vis-a-vie Chapter 12 proceedings.
- Discuss Chapter 12 and 13 discharge provisions vis-a-vie Chapter 7 and 11.
Demonstrate an introductory knowledge of various state law post-judgment procedures and debtor/creditor rights.
- Explain typical post-judgment collection processes and proceedings supplementary to judgment.
- Discuss installment judgments, garnishments, and receiverships.
- Explain concepts of assignment for benefit and composition of creditors.
- Explain and discuss Bulk Sales Act provisions.
Demonstrate an introductory knowledge of Bankruptcy Code chapters and provisions.
- Discuss the history of Bankruptcy Act of 1978, its development, and its organizational structure.
- Discuss and explain Chapters 1, 3 and 5 of the Act.
- Discuss and explain Chapters 7, 9, 11, 12 and 13 of the Act.
Demonstrate an introductory understanding of Bankruptcy Code.
- Discuss and explain definitions and rules of construction under Bankruptcy Code.
- Explain basic definitions such as debt, debtor, claim, notice, and opportunity for hearing.
- Discuss voluntary cases versus involuntary cases.
Demonstrate a knowledge of the various petitions.
- Define lien.
- Define person.
- Define security agreement.
- Describe the concept of single asset real estate.
- Describe the concept and definition of custodian.
- Describe the concept and definition of claim, creditor, and equity security holder.
- Describe the concept of insider and insolvency.
Demonstrate an elementary knowledge of Chapter 7 processes.
- Discuss explanation of Chapter 7 process.
- Explain the Rule 2004 examinations.
- Discuss concepts of discharge, reaffirmation, and exemptions.
- Discuss and explain conversion and dismissal concepts and procedures.
- Explain lien avoidance and exemption amounts.
Demonstrate an elementary understanding of preparing a trustee's proceeding.
- Define and discuss the concepts of trustee.
- Distinguish between trustees from United States Trustee and trustees from state law trustees.
- Discuss and explain the concept of debtor-in-possession and its duties and obligations.
- Define examiners.
- Discuss pre-filing and post-filing actions to prepare a proceeding for a trustee.
Demonstrate an elementary knowledge of stays and dischargeability.
- Explain bankruptcy litigation process and procedure.
- Discuss automatic stay and its extent.
- Discuss methods and procedure for obtaining relief from stay, whether by motion or by operation of law.
- Distinguish between objection to discharge and objection to discharge of debt.
- Identify and discuss debts which are non-dischargeable and procedure for objections to discharge.
- Discuss debts automatically non-dischargeable and procedure for objections to discharge.
- Discuss property of the estate and turnover complaints.
Demonstrate an understanding of principles pertaining to the trustee's avoidance powers and to graduate transfers.
- Discuss trustee's various forms of avoidance powers.
- Explain concept and principals behind strong arm clauses.
- Identify limitations and extent of avoidance powers.
- Define elements of preferences and affirmative defenses thereto.
- Discuss fraudulent transfers, the elements thereof, and post-petition transfers.