aicpa财务会计与报告（far）bankruptcy

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1、RegulationModule27:BankruptcyInstructor:Helen08/16/20091M27BankruptcyA.BankruptcyinGeneralB.Chapter7BankruptcyC.ClaimsD.DischargeofaBankruptE.Chapter11BusinessReorganizationF.Chapter13DebtsAdjustmentPlansG.TheBankruptcyAbusePreventionandConsumerProtectionAct2A.BankruptcyinGener

2、al3ABankruptcyinGeneral1.BankruptcyisbasedmostlyonFederalLaw2.AlternativestoBankruptcyProceedingsa)CreditorsmaychoosetodonothingWhencost>benefitb)Creditorsmaysatisfytheirclaimsthroughlegalproceedingsc)ReceivershipGeneraladminofdebtor¡sassetsbyacourtappointeed)Agreementbetweencr

3、editorsanddebtor(CompositionAgreement)¡Paymelaterorpaymeless¡3.WhyBankruptcya)Debtorispermittedtohaveafreshstartb)Amethodofprotectingcreditor¡srights4ABankruptcyinGeneral4.Thereare5TypesofBankruptcyCasescoveredChapter7Liquidation(straightbankruptcy)Chapter9Municipaldebtadjustme

4、ntChapter11ReorganizationcoveredChapter12FamilyfarmerswithregularincomeChapter13Adjustmentofdebtsofindividualswithregularincomecovered5B.Chapter7Bankruptcy6VoluntaryBankruptcyBChapter7BankruptcyInvoluntaryBankruptcy1.VoluntaryBankruptcyPetitionsa)Aformalrequestbydebtorforanorde

5、rofreliefb)Debtorneednotbeinsolventc)Anyperson,partnership,orcorporationmayfilevoluntarybankruptcypetitionException:Insurancecompanies,banks,andsavingsandloansmaynotd)Filedwithcourtalongwithalistofdebtor¡sassetsandliabilitiese)Debtorisautomaticallygivenanorderofreliefuponfiling

6、f)Courtmaydismissvoluntarypetitionifdebtorobligationsareprimarilyconsumerdebts,Chapter13wouldthenapply.7VoluntaryBankruptcyBChapter7BankruptcyInvoluntaryBankruptcy2.InvoluntaryBankruptcyPetitionsa)Aformalrequestbycreditorforanorderofreliefb)ExemptfrominvoluntarybankruptcyarePe

7、rsons(individuals,partnership,orcorporation)owing<$13,475FarmersCharitableorganizationsc)Validpetitionstopsenforcementofmostcollectionsofdebts&legalproceedings(exception:alimony)d)RequirementstofilepetitionIfcreditors<12,1ormorecreditorsowedunsecured&undisputedclaims≥$13,475

8、Ifcreditors≥12,3ormorecreditorsowedunsecured&undisput