BANKRUPTCY #1 1) What is the main difference between a Liquidation proceeding un

Question

BANKRUPTCY #1

1) What is the main difference between a Liquidation proceeding under Ch 7 of the bankruptcy code and a Reorganization under Ch 11 of the Bankruptcy Code?

2) What is the main difference between a voluntary bankruptcy and an involuntary bankruptcy? How can an involuntary bankruptcy be accomplished?

3) Can any debtor simply choose whether to go for a Liquidation bankruptcy or a Reorganization? Which type of bankruptcy is preferred by most debtors? How is it determined?

4) Explain the concept of the Automatic Stay?

5) Explain the concept of the 3 main powers of trustees in bankruptcy?

Explanation / Answer

1) What is the main difference between a Liquidation proceeding under Ch 7 of the bankruptcy code and a Reorganization under Ch 11 of the Bankruptcy Code?

Under CH 7 of the bankruptcy code is the most familiar type of bankruptcy proceedings which is a debtor in a liquidation bankruptcy turns all assets over to a bankruptcy trustee to manage the debtor

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