Markets · 6 pages · 12 min

Why chapter names are procedures

Chapter names in a bankruptcy code label different procedures, each with its own steps and outcomes.

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From the opening

Chapter names in a bankruptcy statute are labels for different procedures, each with its own eligibility, steps, and usual shape of outcome. They are not nicknames for how hopeless a debtor feels, and mixing the labels mixes up distinct legal machines. The opening covers each chapter is a procedure, liquidation is not reorganization, and the labels are jurisdictional.

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Inside

Each chapter is a procedure
Liquidation is not reorganization
The labels are jurisdictional
Cases can convert chapters
Where the idea stops applying
A distinction worth keeping

Sources

United States Bankruptcy Code chapters
Chapter 7 liquidation and Chapter 11 reorganization

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Why chapter names are procedures

From the opening

Inside

Sources

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