Section 101 of the Bankruptcy Code
Section 101 (11 U.S.C. 101): foundational definitions for the Bankruptcy Code. Key: "debtor," "creditor," "claim" (broadly: any right to payment), "lien," "security interest," and "insider" (relatives, partners, officers). Claim definition: virtually all debts qualify. Insider: enhanced scrutiny (1-year preference look-back vs. 90 days). Non-dischargeable claims: Section 523 (student loans, certain taxes, fraud).
Key Definitions
- Debtor, creditor, claim
- Lien, security interest
- Insider: close relationships
Why Important
- Determines eligibility, claim treatment
- Lien analysis, insider scrutiny
- 1-year insider preference look-back
"Claim" Definition
- Broad: any right to payment
- All debts addressed in case
- Some non-dischargeable (Section 523)
Related Terms
- Bankruptcy — Debt relief
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Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC