B/R code—Title 11. There are other relevant provisions in other titles, but the bulk is in 11. It is divided into chapters.
1. General Provisions—Ch. 1, 3 and 5.
a. Ch. 1—general provisions including definitions.
b. Ch. 3—case admin.
c. Ch. 5—duties of debtor and trustee including the avoiding powers.
2. Liquidation—Ch. 7. TIB is appointed. All prop of debtor (individual or company) is collected and sold and creditors paid out of the money that is made. The debtor gets rid of most preexisting debts—excluding things like taxes, and other specifically excluded items.
3. Pay-out—Ch. 11, 12 & 13. Those chapters contemplate that debtor will get to keep prop in exchange for a promise to pay debts in the future. Debts are typically reduced by some percentage and paid out over a long period of time.
a. Ch. 11 is for corps and individuals w/ a lot of debt.
b. Ch. 13—only for individuals and has debt limits if you want to use it.
c. Ch. 12—sim to 13, but for family farmers.
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