Definitions
This is the Magical Shield that stops all debt collection in its tracks.
How long is a standard Chapter 7 bankruptcy case, from date of filing to discharge?
What is approximately 90 days?
Who qualifies for a 3 year Chapter 13 plan?
Who are Under Median debtors?
A debtor must wait this long to file a Chapter 7 bankruptcy after filing a previous Chapter 7 bankruptcy.
What is 8 years.
A Reaffirmation Agreement can be cancelled, but must be rescinded before this happens, or within how many days of the agreement, whichever is later? Looking for two answers.
What is the Discharge Order and What is 60 days after the agreement is filed with the Court?
This person oversees the bankruptcy process and administers the bankruptcy estate.
*Hint: They are NOT a JUDGE
Who is the Trustee.
These types of incomes are excluded from the Calculation of Income for the Means Test.
What is Social Security Income and VA Disability?
These types of financed items (boats, campers, motorcycles, & ATVs) are the bane of Chapter 13 cases. By what name are they known? If the debtor wishes to keep these items, how do they do so in a Chapter 13? Two Answers.
What are Luxury Items? and What is Pay 100% of their debts back?
Which exemption scheme is better for a person who owns their house outright?
Minnesota Exemptions
If a person files a Chapter 13 on January 1, 2024, is dismissed, files another Chapter 13 on June 1, 2024, is dismissed, and files another Chapter 13 on October 1, 2024, how long is the Automatic Stay in effect upon the 3rd filing in October?
No Automatic Stay is in effect upon filing. Must bring a Motion to Extend Auto Stay within 30 days of filing to have a chance at it.
What is it called when a debtor transfers a vehicle out of their name to a family member for no money or consideration?
What is a Fraudulent Transfer?
What is the lookback period for a Preference payment for an Insider? And a non-insider?
What is 1 year for an Insider and 90 days for a non-insider from the date of filing.
How many days old must a car loan be in order to alter the Value of the car under the loan?
What is 910?
What is it called when a debtor has a vehicle loan with a Credit Union and also owes on a credit card with that credit union, and the credit card automatically attaches as a lien against the vehicle?
What is Cross Collaterization?
What is the Secured Chapter 13 debt limit?
A creditor can initiate this against a debtor if they believe the debtor acted fraudulently and they do not want their debt to be discharged in the bankruptcy.
What is an Adversary Proceeding?
Name three debts that are not eligible to be discharged under a standard Chapter 7 discharge.
What are Student Loans, Priority Taxes, Domestic Support Obligations
What is the unsecured debt limit for a Chapter 13?
What is $465,000?
A debtor is a HH1, a renter, has $65,000 of credit card debt, and has $250,000 in business debt from a business that went under during COVID. She has a job offer pending but wants to do a Chapter 7. How much money can she make and still qualify for a Chapter 7?
The limit does not exist. The Means Test for Chapter 7 qualification does not come into play for a case with primarily Business Debts.
Calculate the Chapter 13 plan payment from the following info, assuming debtor is HH1 and makes $100,000/year income, and we get filing fees up front:
1. $20,000 in mortgage arrears
2.$2500 owed to IRS for 2023
3. $2500 owed to Ex-Spouse for back Child Support
Approximately $525/month
$25,000 + $3500 atty fees + 10% Trustee
Divided by 60 months
This entity can initiate Discharge Revocation actions against a debtor who did not turn over nonexempt property or comply with Court Orders, as well as perform in-depth financial Audits of "Random" bankruptcy cases.
Who is the United States Trustee?
The Trustee has the authority to utilize This Rule and conduct an exam to go on a proverbial "fishing expedition" into the debtor's finances to investigate the state of affairs for the estate.
What is a Rule 2004 Examination?
Vehicle Lenders being paid within a Chapter 13 case require This to be paid to them while the Plan is pending confirmation.
What is Adequate Protection?
In a Chapter 13 case, debtors must file their Tax Returns each year. How much in tax refunds are individuals and joint debtors allowed to keep?
$1200 for individuals and $2000 for joint debtors
11 USC 522(p) limits the State Homestead exemption to protect maximum equity of $189,050 if that homestead equity was acquired within This Many days of filing, and was not the result of rolling over previous homesale equity into a new property.
What is 1215 days before filing?