Bankruptcy and related law in a nutshell / by David G. Epstein.
2013
KF1501 .E67 2013 (Map It)
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Items
Details
Author
Title
Bankruptcy and related law in a nutshell / by David G. Epstein.
Published
ST. Paul, MN : Thomson/West, [2013]
Copyright
©2013
Call Number
KF1501 .E67 2013
Edition
Eighth edition.
ISBN
9780314279132
031427913X
031427913X
Description
xxv, 498 pages ; 19 cm.
System Control No.
(OCoLC)795762138
Note
Includes index.
Series
Record Appears in
Table of Contents
Preface
v
Table of Cases
xxiii
ch. I
Introductory Material
1
A.
What Is This Book About---A Preview
1
B.
Sources of Debtor-Creditor Law
2
pt. I
WHAT YOU NEED TO KNOW ABOUT CREDITORS RIGHTS LAWS OTHER THAN BANKRUPTCY (ASSUMING YOUR PROFESSOR SPENT ONLY TWO OR THREE CLASS PERIODS ON LAWS OTHER THAN THE BANKRUPTCY CODE)
ch. II
An Overview Of State Collection Law
7
A.
What Can Creditors Do Outside of Bank-ruptcy?
7
B.
What Can a Debtor Do Outside of Bank-ruptcy?
12
pt. II
WHAT YOU NEED TO KNOW ABOUT BANKRUPTCY
ch. III
Bankruptcy: An Overview
14
A.
Bankruptcy Law
16
B.
Forms of Bankruptcy Relief
19
C.
Bankruptcy Courts and Bankruptcy Judges
22
1.
Under the Bankruptcy Act of 1898
22
2.
Under the Present Law
22
D.
Trustees
24
E.
United States Trustees
27
ch. IV
Commencement, Conversion and Dismissal of a Bankruptcy Case
29
A.
Voluntary Cases
29
B.
Involuntary Cases
33
C.
Foreign Debtors
36
D.
Conversion of Cases
37
E.
Dismissal
37
F.
Back to the Beginning: Consequences of Commencement
43
ch. V
Stay of Collection Actions and Acts
44
A.
Time Stay Arises
45
B.
Scope of the Stay
45
1.
Section 362
45
2.
Section 1301
47
3.
Section 105
47
C.
Termination of the Stay
48
D.
Relief From the Stay
50
1.
Section 362(d)(1)
50
2.
Section 362(d)(2)
55
3.
Section 362(d)(3)
57
4.
Section 362(d)(4)
58
5.
Relationship of Section 362(d)(1), Section 362(d)(2), Section 362(d)(3) and Section 362(d)(4)
58
6.
Burden of Proof in Section 362(d) Litigation
59
ch. VI
Property of the Estate
60
A.
Why Is Property of the Estate an Important Concept?
60
B.
What Does Property of the Estate Include?
63
1.
What Is Included in the Phrase "Interests of the Debtor in Property as of the Commencement of the Case"?
63
2.
What Else Is Included in Property of the Estate?
65
3.
What Is Excluded From Property of the Estate?
67
ch. VII
Exemptions
69
A.
What Property Is Exempt?
69
1.
What Law Determines What Property is Exempt in Bankruptcy?
69
2.
What Is the Effect of a Debtor's Contracting Away Her Exemptions?
71
3.
What Is the Effect of a Debtor's Claiming Too Much Property as Exempt?
72
4.
What Is the Effect of a Debtor's Convertng Non-Exempt Property to Extempt Property Before Filing for Bankruptcy?
73
B.
What Is the Significance in Bankruptcy of Exempt Property?
74
1.
General
74
2.
Section 522(f)
75
3.
Section 722
78
ch. VIII
Avoidance of Prebankruptcy Transfers
80
A.
What Are the Consequences of Avoiding a Transfer?
83
B.
Preferences
85
1.
Elements of a Preference
86
2.
Applying Section 547(b)
91
3.
Indirect Preferences
94
4.
Exceptions (Section 547(c))
97
C.
Setoffs
107
D.
Fraudulent Transfers and Obligations
115
1.
Section 548
115
a.
Foreclosure Sales
117
b.
Intercorporate Guarantees
118
c.
Leveraged Buyouts
119
d.
Remember Insolvency or
120
e.
Comparison of Fraudulent Transfers and Preferential Transfers
120
f.
Comparison of Section 548 and State Law
121
2.
Section 544(b)
122
3.
Comparison of Sections 548 and 544(b)
124
E.
Transfers Not Recorded or Otherwise Perfected
126
1.
Section 544(a) [a/k/a "strong arm clause"]
129
2.
Section 545(2)
133
F.
Transfers Not Timely Recorded or Otherwise Perfected
134
1.
Section 547(e)
135
2.
Section 548(d)
140
3.
Section 544(b) [not]
142
G.
Landlords' Liens
143
H.
Disguised Priorities
143
I.
Seller's Reclamation and Return Rights
144
ch. IX
Postbankruptcy Transfers
148
A.
When Do Postbankruptcy Transfers Happen?
148
B.
How Does a Postbankruptcy Transfer Happen?
149
C.
How Does Section 549 Affect Postbankruptcy Transfers of Property of the Estate by the Debtor?
150
D.
How Does Section 542 Affect Postbankruptcy Transfers of Property of the Estate by Third Parties?---
153
ch. X
Effect of Bankruptcy on Secured Claims
155
A.
What Is a Secured Claim?
155
B.
Invalidation of Liens
158
C.
Overview of Impact of Bankruptcy on Secured Claims
159
D.
What Can Happen to Secured Claims During Bankruptcy?
159
1.
Delay in Realizing on Collateral
160
2.
Debtor's Use, Lease or Sale of Collateral
160
3.
Nonaccrual of Interest
161
4.
Loss of Priority
162
5.
Limitations on Floating Liens
163
6.
Return of Repossessed Property
165
7.
Effect of Discharge on Secured Claims
166
E.
Satisfaction of Secured Claims
167
1.
Recovery of Collateral
167
2.
Payments of Amount Equal to the Value of the Collateral in Chapter 7 Cases and Chapter 11 Cases
169
a.
Chapter 7
169
b.
Chapter 11
172
3.
Cars and Houses in Chapter 13 Cases and Chapter 11 Cases With Individual Debtors
177
F.
Postponement of Tax Liens in Chapter 7 Cases
179
ch. XI
Claims
181
A.
Why Is "Claim" an Important Bankruptcy Concept?
181
B.
What Is a Claim? (And, Who Cares?)
182
C.
What Is an Unsecured Claim?
185
D.
Collection of Unsecured Claims From the Debtor
185
E.
What Property Is Distributed to Holders of Unsecured Claims?
187
1.
What Property Is Distributed to Holders of Unsecured Claims in Chapter 7 Cases?
187
2.
What Property Is Distributed to Holders of Unsecured Claims in Chapter 12 Cases, Chapter 13 and Individual Chapter 11 Cases?
188
3.
What Property Is Distributed to Holders of Unsecured Claims in Other Chapter 11 Cases?
189
F.
Which Holders of Unsecured Claims Are Eligible to Participate in the Bankruptcy Distribution?
190
1.
Proof of Claim
190
2.
Allowance
191
a.
Grounds for Disallowance in 502(b) and 502(d)
192
b.
Contingent Claims and 502(c) and 502(e)
196
c.
Time of Claim
197
G.
What Is the Order of Distribution?
198
1.
Treatment of Priority Claims in 7
199
2.
Treatment of Priority Claims in 11, 12, 13
201
3.
507 Priorities
201
4.
Section 510 Treatment of Subordination
205
5.
Classification of Claims
206
ch. XII
Leases and Executory Contracts
208
A.
Effect of Rejection, Assumption, Assignment
212
B.
Procedure for Rejection or Assumption
214
1.
Chapter 7 (Other Than Nonresidential Real Property Leases)
215
2.
Chapters 11 and 13 (Other Than Nonresidential Real Property Leases)
215
3.
Nonresidential Real Property Leases in Chapters 7, 11 and 13 Cases
216
C.
The Gap Period
216
1.
Nondebtor's Performance
216
2.
Debtor's Performance
217
D.
Limitations on the Effect of Rejection of a Lease or Executory Contract
218
E.
Limitations on Assumption and Assignment
220
1.
Contract Limitations
220
2.
Leases and Executory Contracts That Cannot Be Assumed or Assumed and Assigned
222
3.
Requirements for Assumption and Assignment
224
F.
Definition of Executory Contract
226
ch. XIII
Discharge
227
A.
Which Debtors Receive a Discharge?
227
1.
Chapter 7
227
a.
Substantive Grounds for Withholding a Chapter 7 Discharge
228
b.
Procedure for Objecting to a Chapter 7 Discharge
232
2.
Chapter 11 Cases: Business Entity Debtors
233
3.
Chapter 13
235
4.
Chapter 11 Cases: Individual Debtors
236
B.
Which Obligations Are Affected by a Bankruptcy Discharge?
237
1.
Chapter 7
238
2.
Chapter 11
246
3.
Chapter 13
247
4.
Procedure for Asserting an Exception to Discharge
248
C.
Effect of a Discharge
249
1.
What a Discharge Does
249
2.
What a Discharge Does Not Do
249
a.
No Protection of Co-Debtors
249
b.
No Effect on Liens
249
3.
Reaffirmation
250
4.
Protection From Discriminatory Treatment
253
ch. XIV
Chapter 13
255
A.
Commencement of the Case
255
B.
Co-Debtor Stay
257
C.
Trustees
258
D.
Preparation of the Chapter 13 Plan
261
E.
Confirmation of the Chapter 13 Plan
264
F.
Cramdown (or Cram Down) of Secured Claims in Chapter 13
268
G.
Treatment of Home Mortgages in Chapter 13 Plans
272
H.
Classification of Unsecured Claims
275
I.
Discharge
277
J.
Dismissal and Conversion
278
K.
Comparison of Chapters 7 and 13
280
L.
Comparison of Chapters 11 and 13
282
ch. XV
Chapter 11
284
A.
Commencement of the Case
287
1.
Filing the Petition
287
2.
Consequences of Commencing a Chapter 11 Case
288
3.
Notifying and Organizing the Creditors
288
4.
First Day Orders
290
B.
Operation of the Business
291
1.
Who Operates the Business?
292
a.
Debtor in Possession (DIP)
292
b.
Trustee
292
c.
Examiner
294
2.
Use of Encumbered Property Including Cash Collateral
295
a.
In Bankruptcy Most Property Is Subject to Liens
295
b.
But 362 Stay Stops Creditor From Repossessing
296
c.
And 363 Allows DIP to Use Collateral---With Conditions
296
3.
Basics of Funding a Debtor in Chapter 11 Bankruptcy Cases
302
a.
Possible Sources of Funding
303
b.
Comparison of Use of Cash Collateral With Debtor-In-Possession Financing (a/k/a DIP Financing)
304
c.
Obtaining Additional Unsecured Credit From Vendors in the Ordinary Course of Business
305
d.
Obtaining Unsecured Credit Not in the Ordinary Course of Business
305
e.
Obtaining Priority or Secured Credit
306
f.
Obtaining Priming Secured Credit
306
g.
Procedure for Obtaining Credit
307
h.
Safe Harbor
307
i.
Cross-Collateralization
308
j.
DIP Lender "Control" of Chapter 11 cases
309
C.
Section 363 Sales
310
D.
Preparation of the Chapter 11 Plan
316
1.
Exclusivity
316
2.
Contents of the Plan
318
3.
Funding for the Plan
318
4.
Classification of Claims
319
E.
Acceptance of the Plan
323
1.
Disclosure
323
2.
Who Votes?
324
a.
Impairment of Claims
325
b.
1111(b) Elections
326
3.
Needed Majorities
327
F.
Confirmation of the Plan
328
1.
Standards for Confirmation
328
a.
Plans Accepted by Every Class
328
b.
Plans Accepted by Less Than Every Class
331
2.
Effect of Confirmation
337
G.
Special Forms of Chapter 11 Cases
339
1.
Prepackaged
339
2.
Small Business Cases
341
3.
Single Asset Real Estate Cases
343
4.
Individual Chapter 11 Cases
344
ch. XVI
Allocation of Judicial Power Over Bankruptcy Matters
347
A.
History
348
1.
1898 Act
349
2.
1978 Code
350
3.
Marathon Pipeline Decision
351
B.
Operation of Present Law
353
1.
Bankruptcy Court as Part of the District Court, Section 151
354
2.
Grants of Jurisdiction to the District Court, Section 1334(a) and (b)
354
3.
Role of the Bankruptcy Court, Section 157
356
4.
Abstention Under Section 1334(c)
360
5.
Jury Trials
362
6.
Foreign Cases
363
pt. III
WHAT YOU NEED TO KNOW ABOUT CREDITORS RIGHTS LAW OTHER THAN BANKRUPTCY (ASSUMING YOUR PROFESSOR SPENT MORE THAN TWO OR THREE CLASS PERIODS ON LAWS OTHER THAN THE BANKRUPTCY CODE)
ch. XVII
Extrajudicial Collection Devices
366
A.
Common Law Limitations
367
B.
Debt Collection Practices Legislation
369
ch. XVIII
Judicial Debt Collection
372
A.
Exempt Property
373
B.
Prejudgment Remedies
377
1.
Attachment
377
2.
Prejudgment Garnishment
379
3.
Replevin
381
4.
Receivership
383
C.
Obtaining a Judgment
386
D.
Postjudgment Collection Concerns
387
1.
Judgment Liens
387
a.
Mechanics of Obtaining a Judgment Lien
388
b.
Scope of the Judgment Lien
389
c.
Enforcement of Judgment Lien
390
d.
Duration of Judgment Lien
391
2.
Execution Liens
393
3.
Comparison of Postjudgment Liens on the Debtor's Real Property With Postjudgment Liens on the Debtor's Personal Property
397
4.
Creditor's Bill
398
5.
Supplementary Proceedings
400
6.
Execution Sales
402
7.
Postjudgment Garnishment
405
ch. XIX
Fraudulent Transfers
410
A.
What Is Fraudulent Transfer Law?
411
1.
Statute of 13 Elizabeth
411
2.
"Badges of Fraud"
412
3.
UFCA
414
4.
UFTA
414
B.
Which Transfers Are Fraudulent Transfers?
414
C.
What Are the Consequences of Determining That a Transaction Is a Fraudulent Transfer?
417
1.
Who Has a Remedy?
418
2.
What Are the Remedies?
419
3.
Against Whom Can a Recovery Be Had?
421
D.
Looking Back: Fraudulent Transfer and Garnishment
421
ch. XX
Creditors With Special Rights
423
A.
Consensual Liens
423
1.
Security Interests
424
a.
Terminology and Organization of Article 9
424
b.
Section 9-317
425
c.
Part 6 of Article 9
426
2.
Mortgages
431
B.
Liens by Operation of Law
433
1.
Common Law Liens
433
2.
Equitable Liens
435
C.
State Statutory Liens
436
D.
Federal Claims
437
1.
Federal Priority Provision
438
2.
Federal Tax Lien
440
a.
When Does the Federal Tax Lien Arise?
441
b.
What Property Is Covered by a Federal Tax Lien?
443
c.
How Can the Tax Lien Be Enforced?
443
d.
What Are the Rights of a Third Party Who Buys Property From the Taxpayer After the Tax Lien Arises?
444
e.
What Are the Rights of the Taxpayer's Other Creditors?
446
3.
Circuity of Priority Problems
451
4.
Other Federal Claims
452
E.
Setoff and Recoupment
454
ch. XXI
Debtor's State Law Remedies A/K/A Collective Creditor Action
456
A.
Assignments for the Benefit of Creditors
456
B.
Workouts A/K/A Composition and Extension
462
Index
469