Bankruptcy: Discharge and Reaffirmation Agreements Flashcards Preview

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Flashcards in Bankruptcy: Discharge and Reaffirmation Agreements Deck (4)
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1

Bankruptcy:
General Discharge

after estate is distributed, court issues a discharge decree that discharges remaining liability on debts.
- Revocable for one year

2

Bankruptcy:
Discharge Denial

- Partnership or Corporation
- Previous discharge 8 years or earlier
- intentional concealment, distribution or transfer of assets
- fraudulent claims, statements, oaths, or actions
- refusal to obey law
- failure to complete education course

3

Bankruptcy:
Debts not Discharged

- 2 years of unpaid taxes
- Debts from fraud, larceny, etc.
- judgement for willful and malicious injuries
- DWI
- Unscheduled debts
- Alimony, maintenance, and child support
- Fraud
- Fines and Penalties to governement
- Student Loan Debt
- SOX Bonuses and incintives
- Consumer Debts

4

Bankruptcy:
Reaffirmation

- agreement prior to discharge
- signed and filed with court
- Hearing and approval if no attorney
- right to rescind in 90 days

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