bankruptcy

Question 0

preferences- how does this effect bankruptcy?

Answer 0

transfer of property by a debtor to one or more specific creditors to enable these creditors to obtain payment of a higher percentage of the creditors claim than the creditor would have received if debtors assets had been liquidated in bankruptcy

Question 1

Automatic stay

Answer 1

order to prevent creditors from taking action such as filing suits or seeking foreclosure against the debtor

Question 2

chapter 7 bankruptcy

Answer 2

chapter 7- is one in which all of the debtors assets ( with some exemptions) will be liquidated to pay debts.

Question 3

chapter 11 bankruptcy

Answer 3

chapter 11- is a way for a debtor to recognize and continue a business with protections from overwhelming debts and without the requirement of liquidation

Question 4

chapter 13 bankruptcy

Answer 4

provides consumers an individual form of reorganization; works with consumer debtors to develop a plan to repay debt.

Question 5

what is dischargeable?

Answer 5

anything else thats under non-dischargeable

p 764 list of non-dischargeable