chapter 38

Question 1

Types of bankruptcy filing

Answer 1

They are referred as chapters since they correspond to chapters in the bankruptcy code.
•Chapter 7
•Chapter 11
•Chapter 13

Question 2

How does the case start?

Answer 2

Debtor files the bankruptcy court in the district were they live.
•The bankruptcy court is a specialized federal court.
•Bankruptcy judges are not article 3 judges.

Question 3

Automatic stay

Answer 3

Once the petition is filed, the automatic stay kicks in.

Question 4

The automatic stay prevents

Answer 4

attempts by creditors to recover claims against the debtor.

Question 5

Creditors have to

Answer 5

pursue their claims through the bankruptcy procedure.

Question 6

Therefore any collections effort such as efforts to repossess property, garnish wages, seize assets, other court proceedings to collect debt, a

Answer 6

all have to stop.

Question 7

The trustee, an private attorney serving in that capacity in the court,

Answer 7

is responsible for collecting, liquidating and distributing the debtor’s estate.•

Question 8

The trustee has an incentive t

Answer 8

o discover all the assets of the debtor since they get paid a percentage of the total estate of the debtor.