Bankruptcy Flashcards
Bankruptcy law provides a method for _________to have all or part of
debtors
debt relieved
Bankruptcy law was
debtor friendly
New Act in 2005
Bankruptcy Abuse Prevention and Consumer protection Act of 2005
The act in 2005 made it
much more difficult to escape debts
Consumer groups__________the act of 2005 and Banks and Credit card companies __
Hate it
Love it
4 types of bankruptcy
Chapter 7
Chapter 11
Chapter 12
Chapter 13
Bankruptcy liquidation is found in
Chapter 7
2005 law changes to Chapter 7
Available only to individuals
Allows business to reorganize and emerge as a going business
Chapter 11
discharge means
debtor is no longer responsible for debt
considers income and expenses to determine if you can file
Chapter 7 means test
Form of individual bankruptcy that can be filed as an individual
Chapter 13
When is discharge granted in Chapter 13
When payment plan is complete
In chapter 13 who decides how much you need for expenses
IRS
Under Chapter 13 which credit card charges cannot be discharged
Made in last 70 days or after consulting with an attorney
Who can use Chapter 12 to reorganize
Family farmers and family fisherman with regular income.
2005 act requires
prepetition and post petition credit counseling
When must prepetition counseling take place
within a 180 days before filing
Bankruptcy starts when
a petition is filed with the bankruptcy court
Attorneys must certify facts in petition under
penalty of perjury
Wrong information in a petition can subject an attorney to __________and _____
Fines
Sanctions
Property retained by a debtor is called
exempt property
Creditors must file _________proof of _______stating ___________
timely
claim
amount
Which types of bankruptcy requires a trustee
7, 12, and 13
A homestead is _____________property
exempt
If a homstead is acquired within _________days of filing you can only exempt __________
1215
$125,000
What is the name of the current federal bankruptcy law
Federal Bankruptcy Abuse Prevention and Consumer Credit Protection Act of 2005
