Bankruptcy Code Flashcards
707
Dismissal of a case or conversion to a case under chapter 11 or 13
Dismissal of a case or conversion to a case under chapter 11 or 13
707
707(b)
Presumption of Abuse
Presumption of Abuse
707(b)
1325(a)(4)
Best Interest of the Creditor Test
Best Interest of the Creditor Test
1325(a)(4)
Is property damage related intoxication dischargeable?
Ch 13- yes. Ch 7- yes, if not W AND M
104
Adjustment of Dollar Amounts
105
Power of Court (can do anything NECESSARY and APPROPRIATE.
108
Extension of Time
109(e)
Debt Limits, Unsec $383,175, Sec $1,149,525. Liquidated, noncontingent.
109(g)
180 days, Willful failure to abide by court order, or appear. OR Voluntary dismissal after request for Relief From Stay.
109(h)
Credit counseling, in last 180 days. Exhibit D.
112
Prohibition of Disclosure of Name of Minor Children
307
UST may may raise and may appear and be heard on any issue in any case, can’t file plan.
Trustee Compensation 326
25% up to 5k, 10% on 5k-50k, 5% on 50k-1m, 3% 1m+
342(b) notices
Types of BK, credit counseling, no perjury or concealing, case subject to AG (audit)
When must you use a creditor address?
When it has been provided twice in the last 90 days, w/ request to use address and acct # provided
What is the date of filing in converted case?
348(a)- original date of relief
Claim arises after 7 filed, before converted to 13, treated as…
if it arose just before 7 was filed 348(d)
348
Effect of Conversion
What is property of estate when 13 is converted to 7?
Property of the estate, as of the date of filing of the petition, that remains in debtors possession
When is a case closed?
When the case is fully administered, and Court has discharged trustee. 350(a)
When may a case be reopened?
To administer assets, to accord relief to the debtor, or for other cause.
350
Closing and Reopening of Cases
361
Adequate Protection
362
Automatic Stay
363
Use, Sell, and Lease of Property
364
Obtaining Credit
365
Executory Contract and Unexpired Leases
366
Utility Service
501
Filings of proofs of claims and interests
502
Allowance of claims or interests
505
Determination of tax liability
506
Determination of secured status
507
Priorities
509
Claims of codebtors
511
Rate of interest on tax claims- rate of interest shall be the rate determined under applicable nonbankruptcy law
521
Debtor’s Duties
522
Exemptions (and avoiding liens)
523
Exceptions to discharge
524
Effect of discharge (and reaffirmations)
Effect of discharge on personal liability…
voids any judgment at any time obtained, to the extent that such judgment is a determination of the personal liability 524(a)
525
Protection against discriminatory treatment
527
Disclosures
541
Property of the estate
544
“Strong Arm Clause”
544 can be used to do what?
avoid unperfected liens on real and personal property, or set aside transfers to unsecured creditors.
545
Statutory liens
546
Limitations on avoiding powers
Time limits on 546
Earlier of 2 years from filing or time the case is closed or dismissed.
547
Preferences
What section does 546 not apply to?
549- post-petition transfers
548
Fraudulent transfers and obligations
549
Postpetition transactions
553
Setoff
704
Duties of Trustee
706
Conversion- 7 to 13 at any time, as long as no previous 13 to 7.
Reasons for 707 dismissal
Failure to pay fees, file schedules/statements in 14 days, or unreasonable delay,
722
Redemption
724
Treatment of Certain Liens (Fines, Penalties, and Forfeitures)
727
Discharge
1301
Stay of action against codebtors
1302
Trustee (Duties of)
1305
Filing and allowance of postpetition claims
1306
Property of the estate
1307
Conversion or dismissal
1308
Filing of prepetition tax return
1322
Contents of Plan
1323
Modification of plan before confirmation
1325
Confirmation of Plan
1326
Payments
1327
Effect of confirmation
1328
Discharge
1329
Modification of plan after confirmation
1330
Revocation of an order of confirmation
Homestead exemption
$22,975
Motor Vehicle exemption
$3,675
Household Goods and Furnishing exemption
$12,250 (no individual item to exceed $575)
Jewelry exemption
$1,550
Wildcard exemption
$1,225 PLUS $11,500 of unused homestead
Tools of the Trade exemption
$2,300
Unmatured Life Insurance exemption
Unlimited (debtor need not be the person insured by the life insurance, may merely be beneficiary)
Accrued Dividend, Interest, or Loan Value of Life Insurance exemption
$12,500 (may only be applied to policies insuring the life of the debtor or someone of whom the debtor is a dependent.)
Health Aids exemption
Unlimited
Disability, Retirement, and Other Benefits Replacing Wages exemption
Unlimited. 522(d)(10), (d)(12) more thorough and likely to be used.
Rights to Compensation for Injury or Losses exemption
$22,975 for bodily injury, otherwise unlimited to extent R & N, totally unlimited for crime reparations.
Crime victims reparations exemption
Unlimited 522(d)(11). right to receive property traceable to
Life insurance exemption (debtor is dependent)
Unlimited to extent R & N 522(d)(11)
Compensation for lost earnings exemption
Unlimited to extent R & N 522(d)(11)
Pain and suffering or compensation for actual pecuniary loss (exemption)
Unlimited to extent R & N 522(d)(11), appears different from mere bodily injury
Pensions and Retirement Accounts exemption
Unlimited (IRA exemption is $1,245,475.)
Priorities in Sch E (relevant)
507- DSOs, administrative expenses, taxes, intoxication death/bodily injury in vehicle,
Presumption of fraud, credit card use
Luxury goods- 90 days/$650. Cash advance 70/$925
How long do creditors have to object to exemptions
30 days after MoC (or amendments to exemptions) FRBP 4003(b)
Most likely fraudulent transfer scenario
548- within 2 yrs, debtor gets < than reasonable value AND insolvent at time of intended to incur debts beyond repay
Most likely preference payment scenario
$600+, within 90 days or 1 yr to family, friend, or other insider.
Only time criminal fine/penalties could be discharged
MAYBE as part of pre-conviction agreement in Ch 13 ONLY (1328)
What is dischargeable in Ch 13, but not Ch 7
1328- marital property settlements, cc used to pay tax, loan from retirement fun, condo/homo fee, debt not included in previous BK
Does financing of negative equity destroy purchase money nature of loan
No. In re Knepper
When can a post-petition transfer of real property NOT be avoided
Good faith purchaser, w/o knowledge of BK, for fair equivalent value, no notice of BK
Deed in Lieu of Foreclosure vs Short Sale
Short sale could leave a deficiency
Res Judicata vs Collateral Estoppel
“Matter” vs. “Issue”
