30 Chapter Thirty Bankruptcy

Bankruptcy Act Chapter 7- Liquidation Chapter 11- Reorganization Chapter 12- Family Farm Chapter 13- Consumer Debt Federal District Court Core Proceeding

Chapter 7 Petition Automatic Stay Order of Relief Creditors/Trustee Voluntary Involuntary- Interim Trustee Automatic Stay Order of Relief Creditors/Trustee

Trustee Takes Possession of Property Appraisal Sets Aside Exempt Items Examines Claims Secured v. Unsecured Sell Nonexempt Property Detailed Accounting of Disposition

Bankruptcy Estate Profits, Royalties, Rents, Revenues, & Proceeds Property Received Within 180 Days of Filing Property Recovered by Trustee

Exemptions (FMV) Real Property <$16,150 1 Vehicle <$2,575 Personal <$8,625 Jewelry <$1.075 Other <$875 Homestead <$8,075 Trade Tools <$1,625 Life Insurance Dividends/Interest <$8,625 Health Aids Benefits Insurance/Liability Payments

Chap. 7 (cont’d) Avoidance of Liens Preferential Payments Preferential Liens Ordinary Transactions Fraudulent Transfers Distribution

Claims Proof Allowable Secured Priority

Discharge Objections Acts That Bar Nondischargeable Debts Reaffirmation Dismissal for Abuse

Chapter 11 Reorganization Proceeding Collective Bargaining Agreements

Chapter 12 Small Farms Exempted From Involuntary Individual v. Corporation Corporation Debtor Retain Possession File Plan Within 90 Days Unsecured = Liquidation value

Chapter 13 Relief for Individuals Procedure for Filing Petition Composition of Debts Extension Discharge Advantages