| Conversion and Dismissal of a Chapter 12 Case |
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| Chapter 12 specifically provides that a debtor may voluntarily convert a Chapter 12 bankruptcy case to a Chapter 7 bankruptcy or dismiss the case at any time. Creditors, however, may not seek the involuntary conversion of a debtor's Chapter 12 bankruptcy to a Chapter 7 bankruptcy unless fraud is shown in connection with the case. 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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| Chapter 11 Debtors in Possession |
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| Upon the filing of a voluntary petition for relief under chapter 11 or, in an involuntary case, the entry of an order for such relief, the debtor automatically assumes an additional identity as the "debtor in possession." The term refers to a debtor that keeps possession and control of its assets while undergoing a reorganization under chapter 11, without the appointment of a case trustee. More... |
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| Tax Claims |
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| The treatment of tax debts in bankruptcy proceedings is an attempt to reconcile two conflicting policies. The first policy concerns the government's interest in collecting taxes. The second policy concerns the fresh start that bankruptcy is to give honest debtors. Under the Bankruptcy Code, a debtor's ability to discharge any tax debt is based upon the classification of that particular tax debt. More... |
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| Securities Investor Protection Act |
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| The Securities Investor Protection Act (SIPA) was designed to create a new form of liquidation proceeding. SIPA created the Securities Investor Protection Corporation (SIPC), a nonprofit, private membership corporation to which most registered brokers and dealers are required to belong. The SIPC fund constitutes an insurance program. The fund is designed to protect the customers of brokers or dealers subject to SIPA from loss in case of financial failure of the member. The fund is supported by assessments upon its members. More... |
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