Law Chapter 28

A debtor and a creditor can enter into a __________ agreement whereby the debtor agrees to pay the creditor for a debt that is otherwise dischargeable in bankruptcy.

The bankruptcy __________ is created upon the commencement of a bankruptcy case, and includes all of the debtor's legal and equitable interests in real, personal, tangible, and intangible property, wherever located, that exist when the petition is filed, and all interests of the debtor and the debtor's spouse in community property

Federal exemptions from the bankruptcy estate include an interest of up to __________ in value in one motor vehicle.

Federal exemptions from the bankruptcy estate include an interest in jewelry of up to __________.

The federal Bankruptcy Code permits homeowners to claim a __________ exemption of up to $20,200 in their principal residence.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 gives the bankruptcy court the power to void certain fraudulent transfers of a debtor's property and obligations made by the debtor within __________ of filing a petition for bankruptcy.

Chapter 7 __________ bankruptcy is also called __________ bankruptcy.

The purpose of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005's changes to Chapter 7 is to force many debtors out of Chapter 7 liquidation bankruptcy and into Chapter __________ debt adjustment bankruptcy, which requires debtors to pay some of their future income over a three- or five-year period to pay off pre-petition debts.

The Bankruptcy Code states that student loans can be discharged in bankruptcy only if the non-discharge would cause a(n) __________ to the debtor and his or her dependents.

Chapter __________ bankruptcy is a rehabilitation form of bankruptcy for individuals.

A Chapter 13 proceeding can be initiated only through the __________ filing of a petition by an individual debtor with regular income. A creditor cannot file a(n) __________ petition to institute a Chapter 13 case.

With a Chapter 13 bankruptcy petition, a(n) __________ provides for a longer period of time for the debtor to pay his or her debts, while a(n) __________ provides for the reduction of debts.

In Chapter 13 bankruptcy, the debtor's plan of payment must be filed not later than __________ days after the order for relief.

Chapter 11 bankruptcy is also referred to as __________ bankruptcy.

In Chapter 11, if a class of creditors does not accept the reorganization plan, the plan can be confirmed by the court by using the Bankruptcy Code's __________ provision.

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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 makes it much more difficult for debtors to escape their debts under federal bankruptcy law.

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Bankruptcy law is exclusively state law.

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Four (4) special chapters of the Bankruptcy Code provide different types of bankruptcy under which individual and business debtors may be granted remedy. The four (4) types of bankruptcies are: (1) Chapter 7 (Liquidation); (2) Chapter 11 (Reorganization): (3) Chapter 12 (Adjustment of Debts of a Family Farmer or Fisherman with Regular Income); and (4) Chapter 13 (Adjustment of Debts of an Individual with Regular Income.)

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Bankruptcy judges are appointed for seven-year terms.

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The bankruptcy courts are part of the state court system.

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United States trustees are federal government officials who have the responsibility of handling and supervising many of the administrative tasks associated with bankruptcy cases.

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A debtor must receive pre-petition credit counseling within one hundred and eighty (180) days prior to filing his or her petition for bankruptcy.

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A bankruptcy case is commenced when a petition is filed with the bankruptcy court. Two types of petitions can be filed: (1) a primary petition; and (2) a secondary petition.

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A voluntary petition is a petition filed by the creditor(s.)

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An involuntary petition is a petition filed by the debtor.

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The bankruptcy judge cannot attend the first meeting of creditors.

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The filing of a voluntary or an involuntary petition automatically "stays" certain legal actions by creditors against the debtor or the debtor's property.

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Discharge is one of the primary reasons a debtor files for bankruptcy.

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Domestic support obligations and alimony, maintenance and child support payments resulting from a divorce decree or separation agreement are not dischargeable in bankruptcy.

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An amount owed to a pension, profit-sharing or stock bonus plan, and loans owed to employee retirement plans, are non-dischargeable in bankruptcy.