Ch 28

Question 1

Automatic stay

Answer 1

468

the suspension of certain legal actions by creditors against a debtor or the debtors property

Question 2

Fraudulent transfer

Answer 2

470
a transfer of a debtor’s property or an obligation incurred by a debtor within 2 yrs of the filling of a petition, where (1) the debtor had actual intent to hinder, delay or defraud a creditor or (2) the debtor received less than a reasonable equivalent in value

Question 3

Trustee/ Chapter 11

Answer 3

468
a legal representation of the debtors estate

a trustee may be appointed in a ch 11 (reorganization) case on a showing of fraud, dishonesty, incompetence, or gross mismanagement of the affairs of the debtor by current management.

Question 4

Purpose of chapter 11 bankruptcy

Answer 4

480
reorganization
a bankruptcy method that allows the reorganization of the debtor’s financial affairs under the supervision of the bankruptcy court.

goal: to reorganize the debtor with a new capital structure so that the debtor emerges from bankruptcy as a viable concern.

Question 5

Debtor exemptions

Answer 5

471
property that may be retained by the debtor pursuant to federal or state law that does not become part of the bankruptcy estate

property of the debtor that he or she can keep and that does not become part of the bankruptcy estate. the creditors cannot claim the property.

the federal exemptions are adjusted every 3 years to reflect changes in the consumer price index

Question 6

Domestic support obligations

Answer 6

469
the following debts are not discharged in bankruptcy:

and alimony, maintenance, and clid support payments resulting from a divorce decree or separation agreement

Question 7

Bankruptcy trustee when appointed

Answer 7

467

Question 8

Involuntary petitions

Answer 8

467
a petition filed by creditors of a debtor that alleges that the debtor is not paying debts as they become due.

filed by creditor and place the debtor into bankruptcy.
ch 7 & 11 not 12 & 13

Question 9

Involuntary petitions

Answer 9

467

Question 10

Payment to unsecured creditors

Answer 10

475

Question 11

Bankruptcy courts

Answer 11

466

94 of them
special federal courts that hear and decide bankruptcy cases

Question 12

Bankruptcy attorney certification

Answer 12

467

requires attorney certification whereby an attorney who represents a client in bankruptcy must certify the accuracy of the information contained in the bankruptcy petition and the schedules, under penalty of perjury.

Question 13

Pre and post petition counseling

Answer 13

466

pre: individuals fining for bankruptcy must receive pre withtin 180 days prior to filing a petition for bankruptcy.
post: before an individual debtor receives a discharge in a ch 17 or ch 13 bankruptcy the debtor must receives post counseling by attending a personal financial management course approved by the US trustee

Question 14

Domestic support obligation

Answer 14

475

unsecured claims for domestic support obligations owed to a spouse, former spouse, or child of the debtor

Question 15

Bankruptcy exemptions

Answer 15

471

Question 16

Homestead exemptions

Answer 16

472

florida and texas have no dollar amount
in 05

Question 17

Means test

Answer 17

474
is calculation that establishes a bright-line test to determine whether the debtor has sufficient disposable income to pay prepetition debts out of postpetition income

a bankruptcy rule that applies to a debtor who has a median family income the exceeds that state’s median family income for families that same size as the debtor family. A debtor in this category qualifies for ch 7 bankruptcy if the debtor has disposable income below an amount determined by bankruptcy law, but does not qualify for ch 7 bankruptcy if he or she has disposable income above an amount determined by bankruptcy law.

Question 18

A primary purpose of the new chapter 7 federal bankruptcy law

Answer 18

473

straight bankruptcy, a form of bankruptcy in which the debtors nonexempt property is sold for cash, the cash is distributed to the creditors, and any unpaid debts are discharged

Question 19

Required types of income for filing a chapter 13 bankruptcy

Answer 19

478
search of the cure
pentions
public assest

Question 20

Student loans

Answer 20

477
bankruptcy code now states that student loans cannot be discharged in any form of bankruptcy unless their nondischarge would cause an undue hardship to the debtor and his or her dependents

Question 21

Chapter 11 and union agreements

Answer 21

481-82

the court can reject a union contract

Question 22

Chapter 7 bankruptcy

Answer 22

473

Question 23

Purpose of chapter 13 bankruptcy

Answer 23

478
adjustment of debts of an individual with regular income

a rehabilatation form of bankruptcy that permits bankruptcy courts to supervise the debtors plan for the payment of unpaid debts in installments over the plan period.

usually are filed by individual debtors who do not qualify for ch 7 liquidation bankruptcy and by homeowners who want to protect nonexempt equity in their residence. ch 13 enables debtors to catch up on secured credit loans, such as home mortgages, and avoid repossession and foreclosure