Bankruptcy Flashcards Preview

Paralegal 2 > Bankruptcy > Flashcards

Flashcards in Bankruptcy Deck (17)
Loading flashcards...
1

Name of bankruptcy law that reformed the 1978 bankruptcy law.

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

2

Bankruptcy chapter individual liquidation

Chapter 7

3

Bankruptcy chapter reorganization business

Chapter 11

4

Bankruptcy chapter adjustment of debts of individual with regular income

Chapter 13

5

Bankruptcy chapter where there is a means test that considers your income and expenses and has to be low to qualify

Chapter 7

6

_______________________- means that the debtor is no longer legally responsibly for paying those claims.

Discharge

7

Chapter 7

individual Liquidation

8

Chapter 11

company Reorganization

9

Chapter 12

Adjustment of debts of a family farmer or fisherman with regular income

10

Chapter 13

Adjustment of debts of an individual with regular income

11

Rehabilitation form of bankruptcy that permits court to supervise the debtor's installments over the plan period which can be 3-5 years.

Chapter 13

12

Recent credit card usage is generally ______ days under Chapter 13 and generally cannot be discharged in Chapter 13 Bankruptcy.

70 days

13

In Chapter 13 Bankruptcy discharge is granted after the payment is completed. The discharge is for all unpaid unsecured debts covered by the plan after payments are made.

true

14

________________________- allows the reorganization of the debtors' financial affairs under the supervision of the bankruptcy court. Filed by corporations that want to reorganize their capital structures by receiving discharge of a portion of their debts, obtain relief from burdensome contracts, and emerge from the bankruptcy as a going business.

Chapter 11 Reorganization

15

A bankruptcy case is commenced when a _____________- is filed with the bankruptcy court.

petition

16

Under the 2005 act, an individual filing for bankruptcy must receive ___________ and ___________________ _____________.

prepetition and postpetition credit and financial counseling.

17

The prepetition counseling must be withing __________ before filing.

180 days