Bankruptcy Code Section 502

The united states bankruptcy code pursuant to 11 u s c.

Bankruptcy code section 502. A a claim or interest proof of which is filed under section 501 of this title is deemed allowed unless a party in interest including a creditor of a general partner in a partnership that is a debtor in a case under chapter 7 of this title objects. See section 321 of the senate bill. Section 509 deals with codebtors generally and is in addition to the disallowance provision in section 502 e.

A landlord s claim for damages in excess of the rent cap is disallowed. Or 2 such claim is not an allowed secured claim due only to the failure of any entity to file a proof of such claim under section 501 of this title. Except as provided in subsection c or d of this section an entity that owes a debt that is property of the estate and that is matured payable on demand or payable on order shall pay such debt to or on the order of the trustee except to the extent that such debt may be offset under section 553 of this title against a claim against the debtor.

4 fourth allowed unsecured claims but only to the extent of 12 850 for each individual or corporation as the case may be earned within 180 days before the date of the filing of the petition or the date of the cessation of the debtor s business whichever occurs first for. This section is based on the notion that the only rights available to a surety guarantor or comaker are contribution reimbursement and subrogation. As indicated earlier the equivalent of the code amendment is embodied in section 362 a 8 of.

Section 502 allowance of claims or interests. For more detailed codes research information including annotations and citations please visit westlaw. See in re ppi enterprises u s 324 f 3d 197 207 3rd cir.

Section 502 b 6 caps a landlord s lease rejection damages claim against the debtor tenant at the greater of 1 one year s rent or 2 15 percent of the unpaid rent for the remaining term not to exceed three years rent the rent cap. B except as provided in subsections e 2 f g h and i of this section if such objection to a claim is made the court after notice and a hearing shall determine the amount. Section 502 e 1 states the general rule requiring the court to disallow any claim for reimbursement or contribution of an entity that is liable with the debtor on or that has secured the claim of a creditor to any extent that the creditor s claim against the estate is disallowed.

Such claim was disallowed only under section 502 b 5 or 502 e of this title. Section 502 b 6 caps a landlord s claim in bankruptcy for damages resulting from the termination of a real property lease. Findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system.