1. Types of Bankruptcies Chapter 7Liquidation Chapter 7Liquidation Chapter 9Municipality Chapter 9Municipality Chapter 11Business Reorganization Chapter 11Business Reorganization Chapter 12Farm or Fisherman Reorganization Chapter 12Farm or Fisherman Reorganization Chapter 13Personal Reorganization Chapter 13Personal Reorganization

2. Chapter 7 Eliminate Debt Eliminate Debt Start Over Financially Start Over Financially

3. Priority Debt Not Discharged Not Discharged

4. Secured Debt Surrender Discharged Surrender Discharged Reaffirm Not Discharged Reaffirm Not Discharged Redeem Partially Discharged Redeem Partially Discharged

5. Secured Debt Surrender Discharged Surrender Discharged Reaffirm Not Discharged Reaffirm Not Discharged Redeem Partially Discharged Redeem Partially Discharged

6. Secured Debt Surrender Discharged Surrender Discharged Reaffirm Not Discharged Reaffirm Not Discharged Redeem Partially Discharged Redeem Partially Discharged

7. Secured Obligation with a Credit Union Credit Union Debts are Cross-Collateralized Credit Union Debts are Cross-Collateralized Unsecured debts are actually secured Unsecured debts are actually secured Must Reaffirm all or nothing Must Reaffirm all or nothing

8. Executory Contracts RejectDischarged RejectDischarged AcceptNot Discharged AcceptNot Discharged

9. Executory Contracts RejectDischarged RejectDischarged AcceptNot Discharged AcceptNot Discharged

10. Unsecured Unsecured DebtDischarged Unsecured DebtDischarged

11. Assets Property -Debt -Exemptions May=Assets worth selling

12. Assets Property Value - Debt Against the Property = Equity Equity - Costs of Sale = Net Value of Property Net Value of Property - Exemptions = Value Available for Creditors

13. Assets Home FMV - Mortgage Debt - Cost of Sale (6% of Home FMV) - Homestead Exemption = Value Available for Creditors

14. Common Individual Exemptions Homestead$5 to 20,000 Homestead$5 to 20,000 Personalty$2 to 3,000 Personalty$2 to 3,000 Vehicle$2,500.00 Vehicle$2,500.00 Business Tools$3,500.00 Business Tools$3,500.00 Wedding Ring$500.00 Wedding Ring$500.00 Living Room Furniture$500.00 Living Room Furniture$500.00 BeddingUnlimited BeddingUnlimited ClothingUnlimited (no Furs) ClothingUnlimited (no Furs) 401KUnlimited 401KUnlimited

15. Co-Signers and Co-Obligors Liable for Discharged Debt Liable for Discharged Debt

16. Domestic Support Obligations Child Support and Alimony - Not Dischargeable Child Support and Alimony - Not Dischargeable Property Settlements - Not Always Dischargeable Property Settlements - Not Always Dischargeable

17. Divorce Decrees Divorce Decrees are not enforceable against Creditors Divorce Decrees are not enforceable against Creditors

18. Bank Accounts Open a New Account before you File Open a New Account before you File

19. Court Costs, Attorney Fees, and Expenses Attorney Fees $543.00 Attorney Fees $543.00 Costs$299.00 Costs$299.00 Expenses$123.00 Expenses$123.00

20. Recap of Chapter 7 Priority Debt Priority Debt –Not Discharged Secured Debt Secured Debt –Reaffirm, Surrender or Redeem Executory Contracts Executory Contracts –Accept or Reject Unsecured Unsecured –Discharged Assets Assets –Non-exempt items may be taken