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Bankruptcy Law  

This pathfinder is a guide to the Bankruptcy Law resources available at the Law Library. The focus is on basic primary law (codes and regulations), secondary sources and finding aids. For assistance with using this guide see a Reference Librarian.
Last Updated: Apr 16, 2015 URL: http://researchguides.law.syr.edu/content.php?pid=666867 Print Guide RSS Updates

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Classic Catalog Search

 

The Library Online Catalog should be searched when you want to find books and treatises, loose-leaf services, and journal titles and their locations. It can be searched in a variety of ways: by keyword, author, title, journal title, or subject. 
 
Researchers can use the online catalog to find specific bankruptcy titles by using keyword search queries:
For example: 
Bankruptcy +Law
Bankruptcy +Law +United States
“Debtor and Creditor”
Chapter 11 +Bankruptcy
Chapter 7 +Bankruptcy +Law
Corporate Reorganizations +Law
Trusts and Trustees +Bankruptcy
 
Individual jurisdictions can be keyword searched, e.g. bankruptcy +”New York”.
 
Library of Congress Call Numbers for Bankruptcy Law: KF1501 to KF1544. Browse the shelves under these call numbers to locate relevant treatises.
 

Introduction

Introduction to Bankruptcy Law Research Guide

This pathfinder is a guide to the Bankruptcy Law resources available at the Barclay Law Library. The focus is on basic primary law (codes and regulations), secondary sources and finding aids. For assistance with using this guide see a Reference Librarian at the reference desk.

Bankruptcy Overview

Bankruptcy in the United States is allowed under Article 1, Section 8 of the U.S. Constitution. The Bankruptcy Code itself is located in title 11 of the U.S. Code. Broadly speaking, Chapters 1, 3 and 5 of the Bankruptcy Code apply to all types of bankruptcy. Chapters 7, 11 and 13 each relate specifically to the three most common types of bankruptcy.

Chapter 7 – Individual Debtor

Chapter 7 Bankruptcy is the most common form of bankruptcy. A Chapter 7 bankruptcy involves the straight sale (hereinafter liquidation) of the debtor’s nonexempt assets. A trustee is appointed to take over the debtor’s estate. Property is liquidated to pay off as much of the indebtedness as possible, while leaving the debtor with sufficient assets to carry on.

Chapter 11 – Reorganization

Under Chapter 11 bankruptcy reorganization, the debtor/business entity acts as its own trustee. The debtor will file a disclosure statement and a plan of reorganization with the Bankruptcy Court. This plan will detail a payment structure that will impair the rights of many or all of the debtor’s creditors. Creditors must then approve the filed plan of reorganization. This type of bankruptcy is used by financially struggling businesses to restructure their debts. It is also available to individuals. Individuals who consider Chapter 11 bankruptcy usually have debts in excess of the Chapter 13 bankruptcy limits or own substantial nonexempt assets, such as several pieces of real estate.

Chapter 13 – Individual Financial Reorganization

Chapter 13 bankruptcy involves reorganization for individual debtors. Debtors must have a regular income, with unsecured debts of less than $250,000 and secured debts of less than $750,000. A plan of repayment must be submitted within 15 days of filing the petition and it is not to exceed five years in duration.

See, United States Bankruptcy Courts, Bankruptcy Basics http://www.uscourts.gov/bankruptcycourts/bankruptcybasics.html

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