About This Chapter
Below is a sample breakdown of the Creditors' Rights chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||Basics of creditors' rights||Collateral, creditor, debtor, debt, interest, security and unsecured creditor|
|Tuesday||Debt collection||Repossession and default|
|Thursday||Rights of creditors in bankruptcy||Chapter 7 bankruptcy, discharge and liquidation|
|Friday||Less common types of bankruptcy proceedings||Chapter 11 and Chapter 13 bankruptcy; reorganization of debt|
1. Creditors' Rights and Business Law
Business law is a broad area of law that covers many different topics. One important topic concerns creditors' rights. This lesson generally explains the role of creditors and creditors' rights in terms of business law.
2. Debt Collection and Repossession Rights
When a debtor fails to make payments on a secured loan, the creditor can usually reclaim the collateral. This lesson explains when a creditor has a right to repossession or foreclosure.
3. Secured Transactions: Examples & Explanations
A secured transaction is any deal in which a creditor receives a security interest in the debtor's property. This lesson explains what a secured transaction is and how these transactions work.
4. Creditor Rights in Bankruptcy
Bankruptcy is governed by federal law and allows a debtor the legal right to reorganize, and sometimes discharge, his or her debts. This lesson explains the three main types of bankruptcy proceedings.
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