Bankruptcy
• Explain (1) the requirements for voluntary and involuntary bankruptcy cases, (2) the priorities of creditors’ claims, (3) the debtor’s exemptions, and (4) the debts that are not dischargeable in bankruptcy.
• Explain the duties of a trustee and his rights (1) as a lien creditor, (2) to avoid preferential transfers, (3) to avoid fraudulent transfers, and (4) to avoid statutory liens.
• Explain the procedure followed in distributing the debtor’s estate under Chapter 7.
• Compare the adjustment of debt proceedings under Chapters 11 and 13.
• Identify and define the nonbankruptcy compromises between debtors and creditors.
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