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Lecture Notes: Bankruptcy

 

A little background and history;:How did we get to where we are now.

Substantive case law and statutes: What is the law that creates bankruptcy rights and duties?

Procedure: What is the source of the procedural rules governing bankruptcy practice?

Bankruptcy on demand!

 



 

 

Substantive Law:

Primary Authority is the U.S. Constitution, the Code, rules and regulations, and bankruptcy case law.

Primary authority may be mandatory or persuasive.

U.S. Supreme Court opinions are primary and mandatory opinions.

An opinion of a bankruptcy court, district court, or an appellate court interpreting a federal or state statute is primary, and mandatory in its own jurisdiction, and persuasive in other jurisdictions that have not ruled otherwise.

Secondary Authority is all other written expressions of the law, like, the legislative history, textbooks, and writings that explain the primary authority.
Organization of the Bankruptcy Code: Statutes. The first three chapters, 1,3, & 5, are called universal chapters. The matters in these statutes, like definitions, apply throughout the code.

Chapter 1, General provisions. Definitions in universal chapters apply throughout the code. Debtor defined. accounts, chattel paper. Person includes individual, partnership, corporation, but not government unit.

Chapter 3, Rules about case administration

Chapter 5. Creditors, debtors, and the estate in bankruptcy
The rest of the code is ooperative chapters. Definitions found in operative chapters apply only in that chapter.

Ch 7 Liquidation. Distribution of the debtors assets to the debtors creditors

Ch 9: adjusting the debts of municipalities:

Ch 11: adjusting the debts of businesses

Ch 12: adjustment of family farm debts

Ch. 13: adjustment of debts of individual with regular income.