Bankruptcy: Discharge and Reaffirmation Agreements Flashcards
1
Q
Bankruptcy:
General Discharge
A
after estate is distributed, court issues a discharge decree that discharges remaining liability on debts.
- Revocable for one year
2
Q
Bankruptcy:
Discharge Denial
A
- Partnership or Corporation
- Previous discharge 8 years or earlier
- intentional concealment, distribution or transfer of assets
- fraudulent claims, statements, oaths, or actions
- refusal to obey law
- failure to complete education course
3
Q
Bankruptcy:
Debts not Discharged
A
- 2 years of unpaid taxes
- Debts from fraud, larceny, etc.
- judgement for willful and malicious injuries
- DWI
- Unscheduled debts
- Alimony, maintenance, and child support
- Fraud
- Fines and Penalties to governement
- Student Loan Debt
- SOX Bonuses and incintives
- Consumer Debts
4
Q
Bankruptcy:
Reaffirmation
A
- agreement prior to discharge
- signed and filed with court
- Hearing and approval if no attorney
- right to rescind in 90 days
