Module 30 Cards.txt

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Author:
mrgonz
ID:
192747
Filename:
Module 30 Cards.txt
Updated:
2013-01-14 04:53:25
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YAEGER REG Mod 30
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YAEGER REG Mod 30
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  1. Ch 7 voluntary bankruptcy (who files/order of relief date/how can you file)
    • - debtor files for a liquidation, and trustee is appointed
    • - husband and wife file jointly
    • - order of relief is same date as filing date
    • - can file even if solvent, all you need are debts of any amount
  2. Ch 7 involuntary bankruptcy (who files/order of relief date)
    • - creditors file to force a liquidation and a trustee is appointed
    • - 12 or more creditors, need 3 or more to file owed $14,425 in unsecured claims
    • - with less than 12, need 1 or more file owed $14,424 in unsecured claims
    • - if uncontested by debtor, order of relief is same date as filing date
    • - if contested, the order of relief comes after hearing has determined insolvency
    • - railroads, banks, insurance companies, farmers and charities are exempt
    • - if creditors properly file, debtor may sure for compensatory damages, court, attorney fees, and punitive damages
  3. Equitable Insolvency:
    - not paying debts when due
  4. Ch 11 reorganization (what is it/who files/who approves plan/what happens)
    • - debtor submits a plan to restructure debts to allow business to continue
    • - plan submitted to an unsecured creditor's committee (exclusive rights for 120 days)
    • - plan must be approved by at least 1 impaired class of creditors
    • - a trustee is usually not needed (debtor does this)
    • - reorganization can be voluntary/involuntary
    • - plan won't be confirmed by court until full payment of all admin costs
    • - upon court's final decree, debtor pays off debts according to plan, and is discharged from other debts not covered by plan
  5. Exempt property includes:
    • - social security and disability benefits
    • - things necessary to live (car, house, furniture)
  6. Debtor keeps most property gained after filing, with 3 exceptions:
    - property gained within 180 days after filing by divorce, inheritance, or insurance
  7. Preferential transfers can be avoided. To disaffirm the prior payment, TANIM must be met:
    • - must have Transfer of property to benefit a creditor
    • - must have been for an Anteceedent debt - an existing overdue debt
    • - transfer must have been made within Ninety days within filing date (1 yr for insiders)
    • - transfer must have been made while Insolvent (within 90 days of filing)
    • - creditor received More than he wooed have received in bankruptcy
  8. A fraudulent conveyance is:
    • - a phony transfer by debtor to hide property from creditors
    • - trustee can disaffirm within 1 year
    • - if done secretly, debtor retains equitable title and usually remains in possession
  9. 10 categories of debts in order they get paid SAG-WEG-CT:
    • - Secured creditors paid up to value of their collator
    • - Administrative costs (and domestic support)
    • - Gap creditors - debts between filing but before order
    • - Wages unpaid up to 180 days prior to filing
    • - Employee benefits unpaid up to 180 days prior to filing, up to $11,725 per
    • - Grain Producers & Fishermen unpaid up to $5,775
    • - Consumer deposits for goods or services, up to $2,600
    • - Taxes unpaid to state & local
    • - all remaining to other filing unsecured creditors
  10. When a corporation completes bankruptcy, it is:
    - Dissolved
  11. Certain actions by debtors will preclude any discharge:
    • - receiving discharge witting 8 years of filing
    • - unjustifiably failed to keep adequate books & records
    • - attempted to hide assets within 1 year of filing
    • - refusal to explain loss of assets or refusal to obey a court order
    • - making false oath or account
  12. Certain debts are nondischargeable (WAFTED):
    • - willful & malicious injury to others
    • - alimony and child support
    • - debts from fraud
    • - taxes within 3 years of filing
    • - educational loans
    • - Debts unscheduled by debtor
    • - theft and embezzlement
    • - any debt from Sarbanes Oxley

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