INTEROFFICE MEMO OF Bankruptcy

INTEROFFICE MEMO OF Bankruptcy - INTEROFFICE MEMORANDUM OF...

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INTEROFFICE MEMORANDUM OF LAW TO: James T Kirk Esq . RE: Chapter 7 Bankruptcy From: Robert C Brown Jr. Petition Date: June 26, 2007 Case: Mr. and Mrs. Chewbacca Office File Number 06-262007 Docket Number: STATEMENT OF ASSIGNMENT You asked me to research Chapter 7 Bankruptcy procedures pertaining to questions raised by our clients, Hairy L. Chewbacca and Tiny L. Yoda. LEGAL ISSUES When husband and wife Debtors file a Chapter 7 Bankruptcy Petition can they file together or do they have to file separate petitions? Can a Chapter 7 Bankruptcy debtor keep a leased vehicle? Can a Chapter 7 Bankruptcy debtor be held responsible for the deficiency of a vehicle after Bankruptcy is filed? What relief from creditors does a debtor have after filing a Chapter 7 Bankruptcy? Does an obligor on an unsecured account who does not file for bankruptcy need to be concerned about creditors coming after them for payments? Robert C Brown Jr. bankruptcy writing assignment1
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FACTS I received a call from Mr. Hairy L. Chewbacca seeking advice concerning the filing of a Chapter 7 Bankruptcy petition. Mr. Chewbacca stated that because of the high cost associated with the raising of his three children, he feels that he has no other choice but to file for Bankruptcy. Mr. Chewbacca states that he is married and that he and his wife work and own their home. Mr. Chewbacca states that as of this date he is current on his mortgage but behind on several credit card payments and his leased car payment. Mr. Chewbacca states that to the best of his knowledge there are no attachments against any of his assets. Mr. Chewbacca states that he and his wife have maintained their own personal records and have kept copies of their tax returns. Mr. Chewbacca filed a Chapter 13 Bankruptcy on July 1, 2001 which was dismissed by the Court on August 15, 2001. Mr. Chewbacca has not seen any other attorneys in the past year other than our firm. He will be paying a $779 fee for the present Chapter 7. ANALYSIS According to 11 U.S.C. §302. 1 U.S.C. §7 A married couple of opposite sexes may be joint debtors in either a voluntary or involuntary bankruptcy proceedings. Robert C Brown Jr. bankruptcy writing assignment2
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According to 11 U.S.C. §522. A leased car is not part of the petitioner’s estate. Payments on leased personal and real property should be continued if the debtor wishes to keep possession. If not, the property should be given back to the creditor, and money owed on the lease should be declared as a debt in the petition. According to 11 U.S.C. §362.
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INTEROFFICE MEMO OF Bankruptcy - INTEROFFICE MEMORANDUM OF...

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