Bankruptcy, Restructuring, And Personal Finance FAQQuimbee Bankruptcy, Restructuring, and Personal Finance Law CLE Online
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An Overview of Bankruptcy, Restructuring, and Personal Finance Law
Bankruptcy is a legal process that allows individuals or businesses to reorganize or discharge debts that they are unable to pay. The former option, reorganizing, is known legally as "restructuring" and often involves the hiring of both financial and legal advisors to assist in transactions and negotiations. It can also involve financing debt through loans or bonds or shrinking the company to lessen the financial strain.
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 certain debts, so those debts do not have to be repaid. In a reorganization, the debtor is permitted to maintain the 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.
Who Should Take CLE Courses in Bankruptcy, Restructuring, and Personal Finance Law?
Because of the particularly complex nature of bankruptcy, restructuring, and personal finance law, finance 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, restructuring, and personal finance-related CLE courses can help ensure that attorneys maintain their expertise in the subject matter.