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Bankruptcy

Elective Course

This course focuses on federal bankruptcy law and special problems encountered in bankruptcy practice. Bankruptcy is the term for a variety of collective procedures designed to aid individuals and entities that are unable to meet their debts. It includes liquidations, in which an official known as a trustee takes possession of the debtor's property and distributes the assets among the debtor's creditors according to rules established in the Bankruptcy Code; debt adjustments, in which individual debtors are allowed to keep their property but must make monthly payments to the trustee, who distributes the payments to the creditors according to an approved plan; and reorganizations, in which businesses keep their property but restructure their debt and the business according to an approved plan.