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CHAPTER 22: BANKRUPTCY LAW 21
whole or in part.
whole or in part.
whole or in part.
26 INSTRUCTOR’S MANUAL FOR BUSINESS LAW: COMMERCIAL LAW FOR ACCOUNTANTS
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in
whole or in part.
and makes a good faith attempt to come to an agreement on the modifications, and the union fails to adopt them
without good cause.
6. Who is eligible for relief under Chapter 13? Individuals (not partnerships or corporations) with regular
income who owe fixed unsecured debts of less than a certain statutorily prescribed amount or fixed secured debts of
less than a certain statutorily prescribed amount may use Chapter 13.
7. Can a Chapter 13 proceeding be initiated by involuntary petition? No. Only a debtor can initiate a
Chapter 13 case, although certain Chapter 7 and Chapter 11 cases may be converted to Chapter 13 cases with a
9. Who is eligible for relief under Chapter 12? Any family farmer, with gross income at least 50 percent farm
dependent and debts at least 50 percent farm related, or family fisherman, with gross income at least 50 percent
dependent on commercial fishing operations and debts at least 80 percent related to a commercial fishing, or any
partnership or closely held corporation at least 50 percent owned by a family farmer or fisherman, when total debt
does not exceed a specified amount ($4.031 million for farmers and $1.8 million for fishers), can file for relief under
will make it difficult for debtors to obtain a ‘fresh start’ financially—one of the goals of bankruptcy law.”
ACTIVITY AND RESEARCH ASSIGNMENTS
2. If the bankruptcy court in your district is nearby, tell students to visit the court to see for themselves persons
and businesses involved in local filings. If the court is not nearby, perhaps a local trustee or someone from the
trustee’s office could visit the class and discuss bankruptcy procedures and current local rules in the community.
EXPLANATIONS OF SELECTED FOOTNOTES IN THE TEXT
Footnote 16: Keldric Mosley incurred student loans while attending Georgia’s Alcorn State University.
Medical problems from injuries received during training with the U.S. Army Reserve Officers' Training Corps led him to
quit school. He left Alcorn to live with his mother in Atlanta. He worked briefly for several employers, but was unable to
whole or in part.
whole or in part.
whole or in part.
26 INSTRUCTOR’S MANUAL FOR BUSINESS LAW: COMMERCIAL LAW FOR ACCOUNTANTS
© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in
whole or in part.
and makes a good faith attempt to come to an agreement on the modifications, and the union fails to adopt them
without good cause.
6. Who is eligible for relief under Chapter 13? Individuals (not partnerships or corporations) with regular
income who owe fixed unsecured debts of less than a certain statutorily prescribed amount or fixed secured debts of
less than a certain statutorily prescribed amount may use Chapter 13.
7. Can a Chapter 13 proceeding be initiated by involuntary petition? No. Only a debtor can initiate a
Chapter 13 case, although certain Chapter 7 and Chapter 11 cases may be converted to Chapter 13 cases with a
9. Who is eligible for relief under Chapter 12? Any family farmer, with gross income at least 50 percent farm
dependent and debts at least 50 percent farm related, or family fisherman, with gross income at least 50 percent
dependent on commercial fishing operations and debts at least 80 percent related to a commercial fishing, or any
partnership or closely held corporation at least 50 percent owned by a family farmer or fisherman, when total debt
does not exceed a specified amount ($4.031 million for farmers and $1.8 million for fishers), can file for relief under
will make it difficult for debtors to obtain a ‘fresh start’ financially—one of the goals of bankruptcy law.”
ACTIVITY AND RESEARCH ASSIGNMENTS
2. If the bankruptcy court in your district is nearby, tell students to visit the court to see for themselves persons
and businesses involved in local filings. If the court is not nearby, perhaps a local trustee or someone from the
trustee’s office could visit the class and discuss bankruptcy procedures and current local rules in the community.
EXPLANATIONS OF SELECTED FOOTNOTES IN THE TEXT
Footnote 16: Keldric Mosley incurred student loans while attending Georgia’s Alcorn State University.
Medical problems from injuries received during training with the U.S. Army Reserve Officers' Training Corps led him to
quit school. He left Alcorn to live with his mother in Atlanta. He worked briefly for several employers, but was unable to
