Pre-Filing Problems
Types of Bankruptcy
Debtor Eligibility
Chapter 7
Chapter 13
100

A proceeding in which a third party who has money or other property belonging to the debtor is required to turn over such money or property to the creditor.

What is garnishment?

100

Liquidation of an individual or corporate debtor's non-exempt assets in order to repay creditors.

What is Chapter 7?

100
The time period a debtor must wait to refile any bankruptcy case if their prior case was voluntarily dismissed following a creditor's application for relief from stay.
What is 180 days?
100
The amounts and assets that a person is entitled to keep when filing for personal bankruptcy. The purpose is to ensure that the individual is able to maintain a basic standard of living, so that they can remain self sustaining.
What are exemptions?
100
A form required to be filed at the end of a debtor's Chapter 13 case, which if not filed results in the case being closed without discharge. The form requires a debtor to list his address and employer’s name and address to give the trustee information if he owes a domestic support obligation.
What is the 1328(a) certificate?
200

Following the filing of a lawsuit, a court's ruling in favor of either party based on the failure to respond by the other party.

What is a default judgment?

200

A financial reorganization supervised by a trustee for individual, income-receiving debtors.

What is Chapter 13?

200
A prerequisite to bankruptcy filing that must be received during the 180 days preceding the date of filing of a bankruptcy petition.
What is credit counseling?
200
Deductions allowed on the means test even when a debtor intends to surrender collateral.
What are payments on secured debts due in the next 60 months?
200
This figure multiplied by 60 months is what a Chapter 13 debtor is required to pay back to his unsecured creditors when the presumption of abuse on the means test is not rebutted.
What is disposable monthly income?
300

Secured party's right to recover collateral after default of debtor, without judicial process if it proceeds without breach of the peace.

What is repossession?

300
A rehabilitative bankruptcy available for businesses that wish to continue operating or for individuals who exceed the debt limits of Chapter 13.
What is Chapter 11?
300
A formula designed to keep debtors with higher incomes from filing for Chapter 7 bankruptcy. (These filers may use Chapter 13 bankruptcy to repay a portion of their debts, but may not use Chapter 7 to wipe out their debts altogether.)
What is the means test?
300
A contract between a debtor and a creditor, which provides for repayment of a secured debt (instead of discharging the debt) and outlines the amount of the payment post-bankruptcy.
What is a reaffirmation agreement?
300
A tool utilized in Chapter 13 bankruptcies that allows the debtor to only pay the value of the item they have financed.
What is a cramdown?
400

A document served upon the debtor when a civil complaint has been filed, which states the time within which the debtor/defendant must appear and file appropriate defensive pleadings with the clerk of the court.

What is a summons?

400
A rehabilitative bankruptcy with additional benefits to farmers and fishermen in certain circumstances, beyond those available to ordinary wage earners.
What is Chapter 12?
400
The length of time, from filing date to filing date, in which a debtor is ineligible for a subsequent Chapter 7 discharge after having received a discharge in Chapter 7.
What is 8 years?
400
The length of time following the 341 Meeting of Creditors in which creditors have the opportunity to file a claim of non-dischargeability regarding the debt owed to them.
What is 60 days?
400
Even if the debtor has paid all creditors that the Plan states are to be paid, their case may not be closed if they haven't yet paid this amount, which is calculated by multiplying the debtor's applicable commitment period by the total plan payment.
What is the base amount?
500

A document that is recorded with the local county clerk’s office for the purpose of recording a lien on your house after a creditor obtains a judgment against you.

What is a Transcript of Judgment?

500
A rehabilitative bankruptcy available exclusively to municipalities, which assists them in the restructuring of debts.
What is Chapter 9?
500
The length of time, from filing date to filing date, in which a debtor is ineligible for a subsequent Chapter 13 discharge after having received a discharge in Chapter 7.
What is 4 years?
500
Usually done by credit unions, a term used when the collateral for one loan is also used as collateral for another loan. In Chapter 7, to reaffirm on one loan of this type, you will have to reaffirm on all loans of this type.
What is cross-collateralization?
500

A calculation done to determine the minimum amount that a debtor has to pay unsecured creditors in their Chapter 13 based on non-exempt interests in real or personal property.

What is liquidation analysis?

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