Basics of Bankruptcy Law

Basics of Bankruptcy Law


Welcome to Lawshelf’s video-course on the basics of bankruptcy law. This video-course surveys bankruptcy law and focuses on the most common forms of bankruptcy and most important rules. The course opens by looking at the structure of the bankruptcy code, the system of bankruptcy courts and roles of federal and state law in the bankruptcy process. We also look at the roles of the debtor, the creditors, the court and the bankruptcy trustee.

We then focus on rules common to bankruptcy proceeding, including the all-important automatic stay, the effects of bankruptcy discharge and exempt property.

Module 2-4 look at the specifics of the three most common types of bankruptcies: those under Chapters 7, 11 and 13 of the Bankruptcy Code. In each case, we’ll look at eligibility and the rules, qualifications and procedures that govern bankruptcy under that Chapter.

Chapter 7 bankruptcy is liquidation, wherein all the assets of the debtor except for exempt property are vulnerable to collection, but which affords the debtor a discharge on most outstanding debts. We’ll look at the requirements for achieving this relief, the procedures followed by the trustee and the scope of the allowable discharge.

Chapter 11 and 13 are “plan” bankruptcies, under which the debtor re-organizes debts in negotiation with the creditors and under court supervision. Generally, Chapter 11 is used by companies, while Chapter 13 is only available for individuals. In both cases, we’ll look at the timelines and processes of the proceedings and the enforcement, modification or conversion of the applicable bankruptcy proceeding.

Finally, in Module 5, we’ll look at the forms and filings applicable to bankruptcy proceedings, including the petition, schedules and filing fees. We’ll also briefly look at bankruptcy crimes and penalties and other some laws that affect bankruptcy cases.

Once you complete this course, you should have a comprehensive understanding of the structure of the Bankruptcy Code and system, an understanding of how the bankruptcy system works and a basis upon which to research and learn more detailed necessary information.

Best of luck and we welcome your feedback!

What is a video-course?

A LawShelf video-course is an in-depth series of presentations on a discreet legal topic. LawShelf video-courses focus on practical legal information and applications and are each designed to familiarize the viewer with a legal topic quickly and efficiently.

Who should take a video-course?

Our video courses are designed for professionals such as attorneys, paralegals, corporate officers and financial professionals, as well as laypeople looking to deepen their knowledge of particular areas of law. The courses allow you to acquire the specific knowledge and skills that you need without the expense and time commitment of going “back to school” for a degree. 

How do I learn?

Video courses are divided into 5 or 6 modules.  Each module contains a video lesson (usually about 15 minutes long) and a series of self-test questions that you can use to practice and make sure that you understand the material.

How do I complete a video-course?

To complete a video-course, you must pass a 10-question multiple-choice examination by scoring 70% or higher.  The questions on the exam are randomly selected from the self-test question sets for the various modules. You can retake an exam as many times as you need to, though you will not get the same questions each time since the questions are drawn from an exam bank.

How long will it take me to complete a video-course?

Between watching the modules, doing the self-test practice questions, reviewing the material and taking the final exam, we estimate that completing a video-course requires a time investment of 4-5 hours.  The courses are designed to get straight to the point. We’re cognizant that your time is valuable, and we condense the information you need to know to comprehensively cover a subject into as little time as practical.

Is there limit to how many video-courses I can take or complete?

No. A LawShelf subscription enables you to access any and all LawShelf content, including all video-courses. You can take courses as quickly or slowly as your time allows.

Do I receive any recognition for completing a video-course?

Once you complete the course by passing the final exam, you will be awarded a digital badge to display as evidence of your training and accomplishment.

How will a digital badge help me? 

Modern educational trends are moving away from traditional classroom-based course completion models and towards skills-based education. Employers today care more about skills than ever before. LawShelf digital badges conform to the Open Badge standard and are verifiable records of your skills that can easily be shared online.

How long do I retain access to the course materials?

You retain access the modules and take the final exam as long as you are a subscriber to LawShelf.

Overview of Bankruptcy - Module 1 of 5

Chapter 7 Liquidation - Module 2 of 5

Chapter 11 Reorganization - Module 3 of 5

Chapter 13 Reorganization - Module 4 of 5

Bankruptcy Forms, Filing and Other Matters - Module 5 of 5

Final Exam only needs to be taken by those seeking to earn the Digital Badge credentials for this course.