Introduction to Bankruptcy Law

The video tutorial provides an overview of the bankruptcy system, explaining its definition, types, and how it operates within the judicial system. It covers the US Bankruptcy Code, focusing on Chapters 7, 11, and 13, and differentiates between liquidation and reorganization bankruptcy. The roles of stakeholders such as debtors, creditors, trustees, and the debtor in possession are discussed. The video also outlines the bankruptcy process, including filing procedures, the formation of the bankruptcy estate, and the automatic stay. It concludes with a focus on business bankruptcy, particularly Chapters 7 and 11, and the reorganization plan.

Which of the following is NOT a primary type of bankruptcy under the US Bankruptcy Code?

• Chapter 13

• Chapter 11

• Chapter 9

• Chapter 7

Who are considered the main stakeholders in a bankruptcy process?

• Shareholders and Employees

• Suppliers and Customers

• Judges and Lawyers

• Debtors and Creditors

What is the purpose of the automatic stay in a bankruptcy proceeding?

• To relieve debtors from collection efforts

• To allow creditors to collect debts

• To sell the debtor's assets

• To finalize the bankruptcy plan

In a Chapter 11 bankruptcy, what is the role of the debtor in possession?

• To file creditor claims

• To approve the bankruptcy plan

• To act as a trustee

• To liquidate assets

What is required for a business reorganization plan to be approved in a bankruptcy process?

• Approval by all creditors

• Approval by the debtor in possession

• Approval by a single class of affected creditors

• Approval by the bankruptcy court