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AICPA财务会计与报告（FAR）Bankruptcy
Regulation
Module 27:
Bankruptcy
Instructor: Helen
08/16/2009
1
M27 Bankruptcy
A. Bankruptcy in General
B. Chapter 7 Bankruptcy
C. Claims
D. Discharge of a Bankrupt
E. Chapter 11 Business Reorganization
F. Chapter 13 Debts Adjustment Plans
G. The Bankruptcy Abuse Prevention and Consumer Protection Act
2
A. Bankruptcy in General
3
A Bankruptcy in General
1. Bankruptcy is based mostly on Federal Law
2. Alternatives to Bankruptcy Proceedings
a) Creditors may choose to do nothing When cost benefit
b) Creditors may satisfy their claims through legal proceedings
c) Receivership General admin of debtor¡s assets by a court appointee
d) Agreement between creditors and debtor (Composition Agreement)
¡ Pay me later or pay me less¡
3. Why Bankruptcy
a) Debtor is permitted to have a fresh start
b) A method of protecting creditor ¡s rights
4
A Bankruptcy in General
4. There are 5 Types of Bankruptcy Cases
covered Chapter 7 Liquidation (straight bankruptcy)
Chapter 9 Municipal debt adjustment
Chapter 11 Reorganization
covered
Chapter 12 Family farmers with regular income
Chapter 13 Adjustment of debts of individuals with regular income
covered
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