Chapter 7 Bankruptcy Flashcards
1
Q
Do liabilities need to exceed assets
A
no
2
Q
$ of unsecured claims for involuntary petition
A
over 13,425
3
Q
restrictions for Chapter 7
A
not many except no abuse
4
Q
can insurance companies file voluntary for Chap 7
A
No
5
Q
$ of debts for Chapter 7
A
any
6
Q
is there preference for exchanges for new value
A
no only payments made to old creditors
7
Q
use of state or federal exemptions
A
debtor can choose unless limited to state laws by state
8
Q
can corps and partnerships have chap7 discharge
A
no
