R6 M2 - Bankruptcy: Part II Flashcards
1
Q
What debts will be discharged under the voluntary liquidation provisions of the Bankruptcy Code?
A
Bankruptcy discharges most of pre-petition debts
- Debts that a person or company incurs before filing for bankruptcy.
2
Q
What debts will not be discharged under the voluntary liquidation provision of the Bankruptcy Code?
A
Non discharge debts include debts incurred by:
- Crime
- Fines
- Penalties
- Alimony/ Child Support
- Student loans.
3
Q
What is the order of distribution in an involuntarily bankruptcy
A
4
Q
A
