the estate Flashcards
the estate includes
all legal and equitable interests of the debtor in nonexempt property at the time bankruptcy proceedings are filed, and also covers property acquired by the debtor within 180 days after commencement of the case through inheritance, property settlement, divorce decree or life insurance proceeds
trustee as lien creditor
the trustee acquires the rights and powers of a hypothetical judicial lien creditor - has priority over a creditor with an unperfected security interest
voidable preferences
allows the trustee to invalidate certain pre bankruptcy transfers
5 criteria for voidable preference
1 made to or for the creditors benefit
2 made for or on account of an antecedent debt
3 made while the debtor was insolvent
4 made within 90 days of the filing
5 if the creditor receives more than he would under chap 7
the 90 day rule does not apply
to an exchange for new value (such as purchase of an automobile) a PMSI in consumer goods that is perfected within 20 days of attachment and payment of a debt in the ordinary course of business
additionally, the trustee
may not void transfers of property of less than 600 value for debtors whose debts are primarily consumer debts
bonafide payments of alimony and child support
also are not voidable, due to an amendment enacted in 1994
fraudulent transfers
if made within 2 years of filing date, the trustee may void i
includes the debtors transferring property with the actual intent to hinder, delay, or defraud any of her creditors or the transfer of property for less than a reasonably equivalent consideration
statutory liens
arise by statute and do not include a security interest or judicial lien
may be avoided by the trustee where the lien 1 first becomes effective when the debtor becomes insolvent or 2 is not perfected or enforceable against a bona fide purchaser on the date the petition was filed
