Bankruptcy 3 of 3 (49) Flashcards

1
Q

Priority Claims

A

laims that will be paid, in order and subject to certain limitations, prior to the claims of remaining unsecured (General) creditors, including (STOP-IT-Drunk driver):

  • Support and alimony payments;
  • Trustee, attorney and other costs of administering the bankruptcy;
  • Claims of creditors Owed after the filing of the bankruptcy petition;
  • Payroll costs up to certain limits;
  • Individual consumer deposits up to certain limits;
  • Taxes for which the statute of limitations has not expired (3 years); and
  • Drunk driver injury claims.
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2
Q

Exceptions to Discharge

A

Debts that are not discharged as a result of bankruptcy and remain obligations of the debtor, including obligations for alimony or child support; credit card purchases of luxury goods, large cash advances, and auto loans; student loans; loans obtained through false representation; debts that were omitted by the debtor when disclosing all obligations; taxes; obligations resulting from violations of securities laws under Sarbanes-Oxley; and drunk driver injury claims.

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3
Q

Denial of Discharge

A

The debtor not receiving relief and remaining liable for all obligations as a result of inadequate books and records, including the destruction of records; refusal to provide information as to the location of assets; committing a bankruptcy offense, such as withholding records or refusing to obey a court order; having received a discharge within a specified period of time; or a fraudulent transfer.

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