week 5 business law - 1 Under the Bankruptcy Code after the...

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1. Under the Bankruptcy Code after the enactment of the 2005 revisions, what must Janet do prior to filing a petition for relief under Chapter 7? Before Janet can file her petition, she will need to attend a group briefing or a one on one counseling from an accreditated credit-counseling agency to show an effort on her part. Under the 2005 reform, it is now required that all debtors must receive credit counseling from an approved non profit with the 180 period preceding the date of filing. 2. How much time does Janet have after filing the bankruptcy petition to submit the required schedules? What happens if Janet does not meet the deadline? She must file the schedules within 45 days of filing the bankruptcy petition. There are extensions that she may get approved, however if she does not meet the deadline, then her petition is dismissed from bankruptcy court. 3. Assume that Janet files a petition under Chapter 7. Further assume that the median family income in the state in which Janet lives is $49,300. What steps would a court take to determine whether Janet’s petition is presumed to be “substantial abuse” under the means test? The means test is designed to determine the debtor’s ability to repay. (1) “current monthly income” which is the total income a debtor is presumed to have available; (2) a list of allowed deductions from the current monthly income for the purpose of supporting the debtor and her family and for repayment
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