GPFP - 12 Flashcards
Involuntary petition for bankruptcy will be approved when the creditors have a valid claim against the debtor (what is owed exceeds the value of any security they hold by more than ___) and when the debtor is not paying debts as they come due.
$14,425
Bankruptcy filings they remain on the credit report for up to?
10 years
___ of the bankruptcy act provides for the various procedures for liquidating the debtor.
Chapter 7
If there is a danger of losing the house or car, an individual may consider filing for ___ bankruptcy, which allows the individual to develop a plan for repaying creditors, without liquidating assets.
Chapter 13
Debts can be discharged under Chapter 7 bankruptcy only once every?
Eight years
Bankruptcy exemptions
Life insurance
Qualified retirement plans
Homestead
Limited equity in car or personal property
Bankruptcy nondischargeable debts
Taxes Alimony Child-support Student & government loans Crimes, fines, penalties, etc.
___ of the bankruptcy act is intended for businesses, individuals, and partnerships whose financial problems maybe solvable if the bankrupt parties are given some time and guidance in managing your financial obligations.
Chapter 11
___ of the bankruptcy act is intended for family farmers with regular income who’s debts are not more than $3,792,650.
Chapter 12
The debtor is required to file a plan within ___ of filing the chapter 12 bankruptcy petition.
90 days
___ of the bankruptcy act is intended for individuals (with full-time jobs or regular income) who are in financial difficulty.
Chapter 13
Punch contributed to a Coverdell education savings account for a child or grandchild are excluded for bankruptcy if your contributions were made at least ___ before the filing for bankruptcy.
One year
Funds from 529 plans are excluded from bankruptcy if the contributions are made at least ___ before the filing.
Two years
___ do not receive the same bankruptcy protection as IRAs owned by the participant.
Inherited IRAs
Foreclosure relief – tax payers could exclude from their income up to $2 million dollars ($1 million MFS) of forgiven debt when the bank foreclosed on the taxpayer’s principal residence between?
January 1, 2007 and December 31, 2013
