
- Instructor: Attorney Bob Schaller
- Lectures: 17
Exploring the U.S. Bankruptcy Code
The Bankruptcy Code is the most authoritative source of bankruptcy law. The Bankruptcy Code is divided into “chapters” just like a book. For individuals seeking to discharge their debts without making any payments, the most relevant Bankruptcy Code chapters are Chapters 1, 3, 5 & 7. Chapter 1 contains general provisions, including the extent and limits of judicial power, see 11 U.S.C. §105, and limits on who may file for bankruptcy relief, see 11 U.S.C. §109. Chapter 3 relates to case administration, including rules commencing a case, see 11 U.S.C. § 301, trustee and other officers’ duties, see 11 U.S.C. § 321 – 11 U.S.C. § 331, required meetings of creditors, see 11 U.S.C. §341, and automatic stay/injunction rights, see 11 U.S.C. §362. Chapter 5 relates to creditors rights and claims. Chapter 7 provides the discharge provision that discharges certain debts in return for the liquidation of the debtor’s non-exempt and partially exempt assets, see 11 U.S.C. § 727.
A fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial “fresh start” from burdensome debts. The Supreme Court made this point about the purpose of the bankruptcy laws in Local Loan Co. v. Hunt, 292 U.S. 234 (1934). In Hunt, the Court stated: “[I]t gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.” Local Loan Co. v. Hunt, 292 U.S. 234, 244 (1934). This goal is accomplished through the bankruptcy discharge, which releases debtors from personal liability of specific debts and prohibits creditors from ever taking any action against the debtor to collect those debts.
Curriculum
- 4 Sections
- 17 Lessons
- Lifetime
- Bankruptcy Code Section 101 et seq.2
- Bankruptcy Code Section 301 et seq. - Case Administration11
- 3.1Video Discussion of Chapter 362 Minutes
- 3.2Case Commencement15 Minutes
- 3.3U.S. Bankruptcy Trustees30 Minutes
- 3.4Chapter 7 Panel Trustees30 Minutes
- 3.5Debtor’s Transactions with Attorney30 Minutes
- 3.6Section 341 Meeting of Creditors30 Minutes
- 3.7Effect of Dismissal15 Minutes
- 3.8Case Closing and Case Reopening15 Minutes
- 3.9Automatic Stay30 Minutes
- 3.10Executory Contracts & Unexpired Leases15 Minutes
- 3.11Utility Service15 Minutes
- Bankruptcy Code Section 501 et seq.2
- Bankruptcy Code Section 701 et seq.2