abby blaw

abby blaw - 1) James Eisman must meet certain requirements...

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1) James Eisman must meet certain requirements in order to successfully file for Chapter 7 bankruptcy. Those requirements include: Meeting with a credit counselor from an approved non-profit agency within 180 days before filing. A certificate proving counseling must be presented. James must state in petition that he understands relief available under other chapters of the code. James must complete schedules that include: List of secured and unsecured creditors, their addresses/amount owed to each, Statement of financial affairs, List of all property owned, List of current income and expenses, Proof of payments from employer within last 60 days, Statement of monthly income, and copy of federal tax return. All schedules must be completed within 45 days of filing. James Eisman is required to attend a meeting with creditors and is made aware of bankruptcy consequences. A means test will also be conducted to assure he doesn’t grossly exceed the median family income for his state, signaling abuse 2) A. Eisman may receive an exemption on his main house in accordance with the homestead exemption law, however his summer cottage is not protected by that and is transferred to the trustee. The exemption amount on his main house will depend on the state he presides in, bankruptcy code allows for $125,000 in equity to be exempt if the house If lived in for less than 3 ½ yrs. B. The trustee’s plans to avoid security interest held by One-Up Corp. due to preferential lien is not voidable. The purchase was made on February 2, 2007 and was delivered on that day, with the financing statement being filed within 20 days of delivery. Even though bankruptcy
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abby blaw - 1) James Eisman must meet certain requirements...

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