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Lecture Notes: Bankruptcy |
Who is a debtor under the bankruptcy law: when can a person take advantage of bankruptcy law?
Classification
of Claims: How does bankruptcy law classify claims against the debtor?
The definition of "debtor" includes individuals, corporations,
and partnerships.
(But not railroads, domestic insurance companies and banking institutions. They can't do bankruptcy because there are special rules for only them when they can't pay their obligations.)
There are 3 limitations:
a] the debtor must reside in the United StatesOR have domicile or residence located in the United StatesOR have a place of business in the United StatesOR own rel property in the United States.b] the debtor has NOT had a bankruptcy case filed and dismissed
for willful failure to play by the rules,OR voluntary dismissed when a somebody requested relief from the automatic stay.c] must NOT have received a discharge within the last six years.
Acting for the debtor, there may be an attorney, paralegal, or petition preparer.
- The debtor is not required to have an attorney; many debtors represent themselves.
-Debtors who represent themselves may hire petition preparers to help them fill out the required forms. If so, petition preparers are required to sign the petition.
-Attorneys representing debtors may employ paralegals to prepare the petitions. The paralegal is not a petition preparer for purposes of signing the petition.