Table of Contents

• Jurisdiction: United States

I. Introduction: What Is Bankruptcy?...............1

II. The Bankruptcy System.............................................5

A. Bankruptcy as a Framework.............................................5

B. The Bankruptcy Court......................................................6

C. Trustees (and the DIP)......................................................7

III. Some Bankruptcy Fundamentals.................11

A. Structure of the Code......................................................11

1. Chapter 7..................................................................14

2. Chapter 11................................................................22

3. The Differences Between Chapters 7 and 11...........24

4. Chapter 13................................................................25

5. Chapter 12 ................................................................27

6. Chapter 9..................................................................27

7. Chapter 15................................................................28

B. Who May Be a Debtor?..................................................29

C. Involuntary Petitions.......................................................31

D. Getting In, Getting Out..................................................32

E. Property of the Estate......................................................34

F. Exemptions......................................................................36

1. In General .................................................................36

2. Exemption Planning and Migratory Exemptions.....40

3. Bankruptcy and Pensions..........................................42

G. Automatic Stay...............................................................44

1. The Stay....................................................................44

2. Exceptions to the Stay ...............................................45

IV....