BANKRUPTCY

REFERENCE:

BASIC BANKRUPTCY LAW FOR PARALEGALS

EDITION: 11TH

DAVID L BUCHBINDER

ASPEN PUBISHING

After reading chapter 23 please answer the following questions:

1.What is the order of claims distribution in a bankruptcy proceeding? How does a class of claims receive a distribution when the trustee has insufficient funds to pay the class members in full?

2.What basic events must occur before a Chapter 7 bankruptcy asset estate may be closed?

Define the following terms:

administrative expenses

allowed claim

claims bar date

equity cushion

gap period claim

priority claim

proof of claim

redemption

secured creditor

Statement of Intention

strip-down

subordination

undersecured creditor

valuation hearing