The term bankruptcy comes from Latin and means “broken bench.” Originally, when a merchant failed to repay suppliers in a timely manner, the suppliers would break the benches that displayed the goods of the merchant. With a broken bench, that merchant was unable to conduct business. Today, bankruptcy is far more complex and is governed by federal law. This chapter presents the general basics of bankruptcy. As with all legal issues, credit professionals are urged to seek legal counsel.
After viewing this module, students should understand:
The automatic stay provisions of the Bankruptcy Code.
Chapter 7, 11, 12 and 13 of the Bankruptcy Code.
How to establish a response to bankruptcy filings.
How to pursue claims.
How the Office of the U.S. Trustee works.
The basic recovery procedure.
Bankruptcy Code History and Summary
Federal Rules of Bankruptcy Procedure
Chapter 7, 11, 12 and 13
Establishing a Systematic Response to Bankruptcy Filings
Objections to Proofs of Claims
20-Day Administrative Claim
Discharge and Dischargeability
Pursuing Claims for False Financial Statement and Fraud
Basic Recovery Procedure
Speakers Bio: The speakers for this module are Toni Drake and Val Venable. Toni Drake brings over 30 years of oil and gas credit experience to the table, while Val has worked in various industries including automotive, aerospace, and the chemical industry for over 25 years. Toni and Val both hold a CCE, NACM’s most prestigious designation. Toni and Val have also both attended and excelled at NACM’s Graduate School of Credit and Financial Management to further their education in the field of credit. Finally, Toni and Val continue to support the credit profession as speakers and instructors at events like NACM’s annual Credit Congress.