RC_LA_DA_302.1 Bankruptcy Basics

1-5 CMB Points Advanced Education Loan Administration & Servicing Residential Residential Certified Mortgage Servicer (RCMS) Self-Study Web-Based Courses
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Member $50.00
Non-Member $100.00

Bankruptcy is a legal process through which individuals or businesses that are unable to pay accumulated debt may seek to obtain a reasonable resolution, including possible release from specific financial obligations or debts.

Bankruptcy Basics presents highlights from Title 11 of the U.S. Code, also known as the Bankruptcy Code. The course begins by defining bankruptcy and presenting an overview of related concepts, the parties involved, basic steps to file, and the bankruptcy court system. Next, it presents a brief history of bankruptcy in the United States. It then describes the four common forms of bankruptcy: Chapters 7, 11, 13, and 12. The course then explains what each chapter is, when it is used, and its basic process. Toward the end of the course, secured and unsecured claims, the role of the trustee, and the three possible resolutions of a bankruptcy case will be addressed.

This is a single-family/residential course.


  • Bankruptcy Fundamentals
  • Brief History of Bankruptcy in the United States
  • Types of Bankruptcy
  • Secured and Unsecured Claims
  • Role of the Trustee
  • Closing the Bankruptcy Case


    Seat time approximately 1.5 hours.

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