| Chapter 12 Debtor and Trustee Powers |
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| Chapter 12 provides that a standing trustee will be appointed in each case, but in the ordinary course, actual operation of the farm will remain with the debtor. Additionally, the debtor, as debtor in possession, has all rights, responsibilities, and powers, as would a debtor in possession under Chapter 11. Chapter 12 does not provide for the appointment of creditors' committees.More... |
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| Administrative Claims |
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| Administrative expense claims in bankruptcy cases are entitled to first priority ahead of all other general unsecured claims and, therefore, they are paid in full before all other unsecured claims to the extent there are available unencumbered funds in the debtor's bankruptcy estate. Administrative expense claims are given first priority status in bankruptcy to induce parties to do business with the debtor's bankruptcy estate.More... |
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| Discharge of Indebtedness |
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| Discharge of indebtedness is the process by which a Chapter 7 debtor eliminates a debt during bankruptcy proceedings. A creditor or lender cannot collect a debt that has been discharged. More... |
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| Bankruptcy Crimes |
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| Bankruptcy crimes exist to protect the goals of civil bankruptcy, which is a fresh start for consumers, the reorganization of businesses, and the equitable distribution of a debtor's assets amongst creditors. Almost every bankruptcy crime is preceded by a prior civil bankruptcy case. Consequently, courts have had to organize the coordination of several cases arising out of one bankruptcy. More... |
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| Dischargeable Debts |
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| Dischargeable debts are those debts that can be discharged through bankruptcy proceedings. A debtor is no longer personally liable to pay for dischargeable debts after the bankruptcy proceedings are concluded.More... |
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