← Back to Vol. 05 Issue No. 03 — Issue 03
Abstract
Part two of this series deals with the rights and duties of both creditors and debtors in the bankruptcy process, dealing with Chapter 7 Liquidation Proceedings, Chapter 11 Reorganizations, and Chapter 13 Adjustment of Debts. Chapter 7 permits the debtor through a trustee to liquidate nonexempt property and discharge debts within three to six months. Under Chapter 11, the debtor commits to a payment plan to repay a portion of debts and discharges the remaining debt. In a Chapter 13 proceeding, the debtor commits to a three- to five-year payment plan. Upon completion of the plan, remaining debts are discharged. The article relies on significant law reviews and other law and finance related articles, statutory materials, and important cases explicating the major aspects of bankruptcy as the law affects both creditors and debtors.