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Presented by Ira Herman

Discusses the central bankruptcy concept of the fresh start, and describes consumer filers and some reasons why businesses file.

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Introduction to Bankruptcy Basics

The master class on bankruptcy principles covered key concepts such as the constitutional basis of bankruptcy law, the role of the bankruptcy code, and the reasons individuals and entities file for bankruptcy. It explained the automatic stay, its exceptions, and the creation of a debtor's estate. The discussion included the different chapters of the bankruptcy code (7, 9, 11, 12, and 13) and their purposes, the role of trustees, and the treatment of contracts and claims. The conversation also touched on the differences between voluntary and involuntary bankruptcy cases, the process of litigation in bankruptcy, and the importance of understanding local court rules and the Federal Rules of Bankruptcy Procedure.

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16 minutes 46 seconds

Bio :

Ira L. Herman is a partner with Blank Rome LLP in its New York office, where he concentrates his practice on restructuring and bankruptcy matters with an emphasis on distressed public debt issues, secured and unsecured loans, cross-border insolvency matters, distressed M&A and corporate governance. He regularly counsels lenders and other constituencies regarding bankruptcy risk, including with regard to inter-creditor issues. Additionally, he advises financially distressed entities and their management on restructuring and bankruptcy issues, in and out of court, including corporate governance issues. Mr. Herman is a court-appointed mediator, and he has facilitated the resolution of controversies involving U.S. and non-U.S. parties concerning bankruptcy and commercial law issues. He annually updates “Anticipating and Managing Bankruptcy Risk,” a series of articles he has written for the Financial Restructuring & Bankruptcy module of LexisNexis Practical Guidance®. He has served for five years on its editorial advisory board and has also served on Law360’s Bankruptcy Editorial Advisory Board. In 2022, Mr. Herman updated the chapter titled “Bankruptcy” in the treatise Negotiating and Drafting Commercial Leases (Full Court Press 2022). He received his B.A. in political science cum laude from Yeshiva University in 1979, where he served as editor-in-chief of The Polis, a political science journal, and his J.D. cum laude with distinction from Boston University School of Law in 1982, where he served as an editor of the Boston University International Law Journal.

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Bankruptcy MasterClass

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