Bankruptcy Code Definitions

Bankruptcy Code Definition: Financial Institution

The Bankruptcy Code defines the term “financial institution” as meaning:

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Bankruptcy Code Definition: Bankruptcy Insider

The concept of insider is defined in 11 U.S.C. § 101(a)(31).

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Bankruptcy Code Definition: Disinterested Person

The Bankruptcy Code defines a “disinterested person” to mean a person that: (a) is not a creditor, an equity security holder, or an insider; (b) is not and was not, within 2 years before the date of the filing of the petition, a director, officer, or employee of the debtor; and (c) does not have an interest materially adverse to the interest of the estate or any class of creditors or equity security holders by reason of any direct or indirect relationship to, connection with, or interest in, the debtor, or for any other reason.  11 U.S.C. Section 101(14)

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Bankruptcy Code Definition: “Community Claims” – A Distribution Complication For Community Property States

 

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Bankruptcy Code Definition: Governmental Unit

 

What is a “governmental unit” under the Bankruptcy Code?

The Bankruptcy Code defines “governmental unit” as follows:

The term “governmental unit” means United States; State; Commonwealth; District; Territory; municipality; foreign state; department, agency, or instrumentality of the United States (but not a United States trustee while serving as a trustee in a case under this title), a State, a Commonwealth, a District, a Territory, a municipality, or a foreign state; or other foreign or domestic government.

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What is a “Debt Relief Agency” and Why Does it Matter?

“In 2005, Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act (the BAPCPA), Pub.L. No. 109–8, 119 Stat. 23 (2005).”  Hersh v. U.S. ex rel. Mukasey, 553 F.3d 743, 746 (5th Cir. 2008).  BAPCPA made a variety of changes to the Bankruptcy Code including the addition of sections 526, 527 and 528 which provide various regulations for “debt relief agencies.”  11 U.S.C. §§ 526-528.  See also Milavetz, Gallop & Milavetz, P.A. v. United States, 559 U.S. 229, 130 S. Ct. 1324, 176 L. Ed.

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Bankruptcy Code Definition: Family Farmer

 

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Bankruptcy Code Definition: “Attorney” is Attorney. Or, Is it?

 

There are some interesting aspects of the definition of “attorney” in the Bankruptcy Code.  Specifically, it provides that “attorney” “means attorney, professional law association, corporation, or partnership, authorized under applicable law to practice law.”  11 U.S.C. § 101(4).  This raises questions about what an individual attorney is, whether the required authorization to practice is state, federal or both, which court(s) have the ability to police professional conduct, and whether an association, corporation or partnership ever authorized to practice law.

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Who May Be a Chapter 7 Debtor?

 

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Who is an “Assisted Person” and Why Does it Matter?

 

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