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Bankruptcy Law > Bankruptcy Code > Flashcards

Bankruptcy Code Flashcards

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1
Q

707

A

Dismissal of a case or conversion to a case under chapter 11 or 13

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2
Q

Dismissal of a case or conversion to a case under chapter 11 or 13

A

707

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3
Q

707(b)

A

Presumption of Abuse

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4
Q

Presumption of Abuse

A

707(b)

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5
Q

1325(a)(4)

A

Best Interest of the Creditor Test

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6
Q

Best Interest of the Creditor Test

A

1325(a)(4)

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7
Q

Is property damage related intoxication dischargeable?

A

Ch 13- yes. Ch 7- yes, if not W AND M

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8
Q

104

A

Adjustment of Dollar Amounts

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9
Q

105

A

Power of Court (can do anything NECESSARY and APPROPRIATE.

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10
Q

108

A

Extension of Time

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11
Q

109(e)

A

Debt Limits, Unsec $383,175, Sec $1,149,525. Liquidated, noncontingent.

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12
Q

109(g)

A

180 days, Willful failure to abide by court order, or appear. OR Voluntary dismissal after request for Relief From Stay.

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13
Q

109(h)

A

Credit counseling, in last 180 days. Exhibit D.

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14
Q

112

A

Prohibition of Disclosure of Name of Minor Children

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15
Q

307

A

UST may may raise and may appear and be heard on any issue in any case, can’t file plan.

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16
Q

Trustee Compensation 326

A

25% up to 5k, 10% on 5k-50k, 5% on 50k-1m, 3% 1m+

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17
Q

342(b) notices

A

Types of BK, credit counseling, no perjury or concealing, case subject to AG (audit)

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18
Q

When must you use a creditor address?

A

When it has been provided twice in the last 90 days, w/ request to use address and acct # provided

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19
Q

What is the date of filing in converted case?

A

348(a)- original date of relief

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20
Q

Claim arises after 7 filed, before converted to 13, treated as…

A

if it arose just before 7 was filed 348(d)

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21
Q

348

A

Effect of Conversion

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22
Q

What is property of estate when 13 is converted to 7?

A

Property of the estate, as of the date of filing of the petition, that remains in debtors possession

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23
Q

When is a case closed?

A

When the case is fully administered, and Court has discharged trustee. 350(a)

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24
Q

When may a case be reopened?

A

To administer assets, to accord relief to the debtor, or for other cause.

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25
Q

350

A

Closing and Reopening of Cases

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26
Q

361

A

Adequate Protection

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27
Q

362

A

Automatic Stay

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28
Q

363

A

Use, Sell, and Lease of Property

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29
Q

364

A

Obtaining Credit

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30
Q

365

A

Executory Contract and Unexpired Leases

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31
Q

366

A

Utility Service

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32
Q

501

A

Filings of proofs of claims and interests

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33
Q

502

A

Allowance of claims or interests

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34
Q

505

A

Determination of tax liability

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35
Q

506

A

Determination of secured status

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36
Q

507

A

Priorities

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37
Q

509

A

Claims of codebtors

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38
Q

511

A

Rate of interest on tax claims- rate of interest shall be the rate determined under applicable nonbankruptcy law

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39
Q

521

A

Debtor’s Duties

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40
Q

522

A

Exemptions (and avoiding liens)

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41
Q

523

A

Exceptions to discharge

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42
Q

524

A

Effect of discharge (and reaffirmations)

43
Q

Effect of discharge on personal liability…

A

voids any judgment at any time obtained, to the extent that such judgment is a determination of the personal liability 524(a)

44
Q

525

A

Protection against discriminatory treatment

45
Q

527

A

Disclosures

46
Q

541

A

Property of the estate

47
Q

544

A

“Strong Arm Clause”

48
Q

544 can be used to do what?

A

avoid unperfected liens on real and personal property, or set aside transfers to unsecured creditors.

49
Q

545

A

Statutory liens

50
Q

546

A

Limitations on avoiding powers

51
Q

Time limits on 546

A

Earlier of 2 years from filing or time the case is closed or dismissed.

52
Q

547

A

Preferences

53
Q

What section does 546 not apply to?

A

549- post-petition transfers

54
Q

548

A

Fraudulent transfers and obligations

55
Q

549

A

Postpetition transactions

56
Q

553

A

Setoff

57
Q

704

A

Duties of Trustee

58
Q

706

A

Conversion- 7 to 13 at any time, as long as no previous 13 to 7.

59
Q

Reasons for 707 dismissal

A

Failure to pay fees, file schedules/statements in 14 days, or unreasonable delay,

60
Q

722

A

Redemption

61
Q

724

A

Treatment of Certain Liens (Fines, Penalties, and Forfeitures)

62
Q

727

A

Discharge

63
Q

1301

A

Stay of action against codebtors

64
Q

1302

A

Trustee (Duties of)

65
Q

1305

A

Filing and allowance of postpetition claims

66
Q

1306

A

Property of the estate

67
Q

1307

A

Conversion or dismissal

68
Q

1308

A

Filing of prepetition tax return

69
Q

1322

A

Contents of Plan

70
Q

1323

A

Modification of plan before confirmation

71
Q

1325

A

Confirmation of Plan

72
Q

1326

A

Payments

73
Q

1327

A

Effect of confirmation

74
Q

1328

A

Discharge

75
Q

1329

A

Modification of plan after confirmation

76
Q

1330

A

Revocation of an order of confirmation

77
Q

Homestead exemption

A

$22,975

78
Q

Motor Vehicle exemption

A

$3,675

79
Q

Household Goods and Furnishing exemption

A

$12,250 (no individual item to exceed $575)

80
Q

Jewelry exemption

A

$1,550

81
Q

Wildcard exemption

A

$1,225 PLUS $11,500 of unused homestead

82
Q

Tools of the Trade exemption

A

$2,300

83
Q

Unmatured Life Insurance exemption

A

Unlimited (debtor need not be the person insured by the life insurance, may merely be beneficiary)

84
Q

Accrued Dividend, Interest, or Loan Value of Life Insurance exemption

A

$12,500 (may only be applied to policies insuring the life of the debtor or someone of whom the debtor is a dependent.)

85
Q

Health Aids exemption

A

Unlimited

86
Q

Disability, Retirement, and Other Benefits Replacing Wages exemption

A

Unlimited. 522(d)(10), (d)(12) more thorough and likely to be used.

87
Q

Rights to Compensation for Injury or Losses exemption

A

$22,975 for bodily injury, otherwise unlimited to extent R & N, totally unlimited for crime reparations.

88
Q

Crime victims reparations exemption

A

Unlimited 522(d)(11). right to receive property traceable to

89
Q

Life insurance exemption (debtor is dependent)

A

Unlimited to extent R & N 522(d)(11)

90
Q

Compensation for lost earnings exemption

A

Unlimited to extent R & N 522(d)(11)

91
Q

Pain and suffering or compensation for actual pecuniary loss (exemption)

A

Unlimited to extent R & N 522(d)(11), appears different from mere bodily injury

92
Q

Pensions and Retirement Accounts exemption

A

Unlimited (IRA exemption is $1,245,475.)

93
Q

Priorities in Sch E (relevant)

A

507- DSOs, administrative expenses, taxes, intoxication death/bodily injury in vehicle,

94
Q

Presumption of fraud, credit card use

A

Luxury goods- 90 days/$650. Cash advance 70/$925

95
Q

How long do creditors have to object to exemptions

A

30 days after MoC (or amendments to exemptions) FRBP 4003(b)

96
Q

Most likely fraudulent transfer scenario

A

548- within 2 yrs, debtor gets < than reasonable value AND insolvent at time of intended to incur debts beyond repay

97
Q

Most likely preference payment scenario

A

$600+, within 90 days or 1 yr to family, friend, or other insider.

98
Q

Only time criminal fine/penalties could be discharged

A

MAYBE as part of pre-conviction agreement in Ch 13 ONLY (1328)

99
Q

What is dischargeable in Ch 13, but not Ch 7

A

1328- marital property settlements, cc used to pay tax, loan from retirement fun, condo/homo fee, debt not included in previous BK

100
Q

Does financing of negative equity destroy purchase money nature of loan

A

No. In re Knepper

101
Q

When can a post-petition transfer of real property NOT be avoided

A

Good faith purchaser, w/o knowledge of BK, for fair equivalent value, no notice of BK

102
Q

Deed in Lieu of Foreclosure vs Short Sale

A

Short sale could leave a deficiency

103
Q

Res Judicata vs Collateral Estoppel

A

“Matter” vs. “Issue”

Bankruptcy Law (2 decks)

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