| Tax Claims |
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| The treatment of tax debts in bankruptcy proceedings is an attempt to reconcile two conflicting policies. The first policy concerns the government's interest in collecting taxes. The second policy concerns the fresh start that bankruptcy is to give honest debtors. Under the Bankruptcy Code, a debtor's ability to discharge any tax debt is based upon the classification of that particular tax debt. More... |
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| Chapter 12 Debtor and Trustee Powers |
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| Chapter 12 provides that a standing trustee will be appointed in each case, but in the ordinary course, actual operation of the farm will remain with the debtor. Additionally, the debtor, as debtor in possession, has all rights, responsibilities, and powers, as would a debtor in possession under Chapter 11. Chapter 12 does not provide for the appointment of creditors' committees. More... |
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| Employment of Professionals |
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| The Bankruptcy Code governs a trustee's or debtor in possession's employment of attorneys, accountants, appraisers, auctioneers, and other professional persons to represent or assist in carrying out duties under the Bankruptcy Code. Generally, the trustee or debtor in possession had broad latitude in the selection of professional persons to be employed. The Bankruptcy Code authorizes the employment of professional persons only to the extent that such persons do not hold or represent an interest adverse to the estate. More... |
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| Conversion and Dismissal of a Chapter 12 Case |
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| Chapter 12 specifically provides that a debtor may voluntarily convert a Chapter 12 bankruptcy case to a Chapter 7 bankruptcy or dismiss the case at any time. Creditors, however, may not seek the involuntary conversion of a debtor's Chapter 12 bankruptcy to a Chapter 7 bankruptcy unless fraud is shown in connection with the case. More... |
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| First Meeting of Creditors |
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| Under the Bankruptcy Code, the United States trustee must convene and preside at a meeting of creditors, which is often referred to as the section 341 meeting. This must occur within a reasonable time after the order for relief in a case. More... |
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