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If you’re looking for a simple, engaging way to learn about bankruptcy law and fulfill your continuing legal education (CLE) requirements, look no further than Quimbee CLE online.
All Quimbee CLE online courses are built from the ground up by our world-class team of attorneys and designers. Our goal is to create a product that will not only help you meet your CLE requirements, but will actually be enjoyable. Sign up for a Quimbee CLE course today!
Bankruptcy is a legal process that allows individuals or businesses to reorganize or discharge debts that they are unable to pay.
Bankruptcy is largely governed by federal law, under title 11 of the U.S. Code. The most common forms of bankruptcy fall under one of three chapters of the bankruptcy code: chapter 7 (liquidation of assets), chapter 11 (company or individual reorganizations), and chapter 13 (debt repayment).
For individuals, liquidation is typically used when the individual cannot repay his or her debts. In a chapter 7 bankruptcy, the individual is permitted to keep exempt property, while other assets must be sold to pay creditors. The court will discharge certains debts, so those debts do not have to be repaid. In a reorganization, the debtor is permitted to maintain property, but debts must be repaid over a period of time.
Bankruptcy proceedings are often long and complex. The goal of bankruptcy lawyers is to help their clients navigate the bankruptcy process in an efficient and effective manner.
Because of the particularly complex nature of bankruptcy law, bankruptcy lawyers must ensure that they stay on top of every nuance and development in their practice area. Additionally, any attorneys involved in commercial practice, tax law, and even family law might benefit from a general understanding of bankruptcy principles. Regularly completing bankruptcy-related CLE courses can help ensure that attorneys maintain their expertise of the subject matter.