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Bankruptcy Tax Issues

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Course Description

The greatest overhaul of this countrys bankruptcy law in 25 years was enacted in 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made many significant changes to the Bankruptcy Code. This course, Basic Bankruptcy for Accountants, gives practitioners a solid overview of bankruptcy and the changes to the Code resulting from the 2005 Act. It also highlights important bankruptcy and consumer protection issues related to the passage of the Dodd-Frank Act. The course includes a look at the most common chapters, including Chapter 13 - Individual Debt Adjustment, Chapter 7 - Liquidation, and Chapter 11 - Reorganization. The course examines which chapters are available to certain types of debtors and provides a look at the nuts and bolts of a bankruptcy case. The course also provides guidance on municipality and family farmer bankruptcy provisions, and a look at the tax implications of filing for bankruptcy.

Learning Objectives

To identify the provisions of federal bankruptcy protection To recognize the requirements of chapter 13 bankruptcy To recognize the requirements for protection under chapter 7 bankruptcy To identify the provisions of chapter 11 bankruptcy To recall eligibility requirements for chapter 9 protection To identify the requirements of eligibility for chapter 12 protection To recognize the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 aimed at enhancing consumer protection and privacy protection To identify the impact of a bankruptcy filing on federal tax obligations

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Learning Format 8.0 Hours
Self-Study / On-Demand

Credit Type(s)
Business Law

Knowledge Level
Basic