Bunkrupcy Flashcards
1
Q
Important chapters 7, 11, 13
A
Chapter 7 - straight bankruptcy
2
Q
Chapter 7
A
Straight bankruptcy
Permits voluntary and involuntary petitions
Permits business and individual
Trustee is required
3
Q
Chapter 11
A
Allow debt reorganization
Voluntary and involuntary
No trustee
Court must approve
4
Q
Chapter 13
A
Allow adjustment of debts of the individual with regular income No businesses Only voluntary petition Always has trustee Court confirmation
5
Q
Bankruptcy process
A
Test of dismissal
Always changes
Means test - determine what chapter 7 or other relief plans
6
Q
Duties of the debtor
A
Schedule of all assets List of all creditors Current income and expenses Credit counseling agency Tax returns
7
Q
Collection of assets
A
Before and after 180 day including
Gift inheritance
Divorce property settlement
Life insurance
8
Q
Property exempt from collections
A
Only individuals can claim exemption
State and federal
9
Q
Bankruptcy distributions
A
Secured creditor Child support Admin cost Contributions to benefit plans Farmers grain storage Consumer credits Taxes Unsecured creditors
