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Flashcards in Bankruptcy Process Deck (4)
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1

Bankruptcy
Debtors obligation to provide information

- List of all creditors with addresses and amounts
- Schedule of assets and liabilities
- Schedule of current income and expenses
- Statement of financial affairs
- Statement of intention to retain or surrender property
- Certificate from credit counseling agency
- Statement of monthly income itemized
- Copy of federal tax return
- Proof of payment from employers
- Cooperate fully and respond truthfully

2

Bankruptcy
Trustee

- collect debtor's property
- accounting for property
- investigating financial affairs
- furnishing info and reports
- providing notice to domestic support creditors
- power to set aside transfers
- usual contract defenses
- fraudulent transfers
- property transferred after bankruptcy filing
Legal Preference Creditors
- transfer of property
- antecedent or preexisting debt
- within 90 days of filing
- made while insolvent
Legal Preference Insiders
- close relationship
- transfer of debtors property to insider
- for antecedent debt
- within 1 year of filing
- While debtor was insolvent
Exceptions
- contemporaneous exchange for new value
- payment in ordinary course of business
- consumer debtors payment up to $6,225 is not preference
- Payments for paternity, alimony, maintenance, or child support are not preferences

3

Bankruptcy
Assets

- All tangible and intangible property
After-Acquired Property
- acquired within 180 days
- includes inheritance, gift, divorce, life insurance policy
- any property appreciation except employee benefit
- property reacquired

4

Bankruptcy
Exempt Assets

- only individuals get exemptions
- done by state and federal

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