Bankruptcy Flashcards
Name of bankruptcy law that reformed the 1978 bankruptcy law.
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
Bankruptcy chapter individual liquidation
Chapter 7
Bankruptcy chapter reorganization business
Chapter 11
Bankruptcy chapter adjustment of debts of individual with regular income
Chapter 13
Bankruptcy chapter where there is a means test that considers your income and expenses and has to be low to qualify
Chapter 7
_______________________- means that the debtor is no longer legally responsibly for paying those claims.
Discharge
Chapter 7
individual Liquidation
Chapter 11
company Reorganization
Chapter 12
Adjustment of debts of a family farmer or fisherman with regular income
Chapter 13
Adjustment of debts of an individual with regular income
Rehabilitation form of bankruptcy that permits court to supervise the debtor’s installments over the plan period which can be 3-5 years.
Chapter 13
Recent credit card usage is generally ______ days under Chapter 13 and generally cannot be discharged in Chapter 13 Bankruptcy.
70 days
In Chapter 13 Bankruptcy discharge is granted after the payment is completed. The discharge is for all unpaid unsecured debts covered by the plan after payments are made.
true
________________________- allows the reorganization of the debtors’ financial affairs under the supervision of the bankruptcy court. Filed by corporations that want to reorganize their capital structures by receiving discharge of a portion of their debts, obtain relief from burdensome contracts, and emerge from the bankruptcy as a going business.
Chapter 11 Reorganization
A bankruptcy case is commenced when a _____________- is filed with the bankruptcy court.
petition
