BANKRUPTCY

STATE: IL

1.What is a liquidation proceeding?

2.What is a reorganization proceeding?

3.Identify:

(a)Those Chapters of the Bankruptcy Code applicable to all bankruptcy proceedings;

(b)Those Chapters of the Bankruptcy Code applicable to liquidation proceedings;

(c)Those Chapters of the Bankruptcy Code applicable to reorganization proceedings.

4.Identify the major parties in a bankruptcy proceeding.

5.How can a consumer debtor negotiate a composition agreement with creditors? What are the advantages of doing this? Should counsel for a consumer debtor attempt to negotiate the composition agreement?