Creditors Rights & Bankruptcy

Creditors Rights & Bankruptcy - remedies. 2....

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CHAPTER 12 CREDITORS’ RIGHTS AND BANKRUPTCY I. Laws assisting creditors A. Liens – a claim against property to secure payment of a debt or to satisfy a debt. 1. Mechanic’s Lien – lien created by law to secure payment for work performed and materials furnished to improve property 2. Contractors’ Lien – lien on real property 3. Mechanics’ Lien on Automobile – possessory lien 4. Landlord’s lien – possessory lien 5. Attorney’s Lien – possessory lien 6. Judicial Lien – regarding a court case a. attachment – prejudgment lien – court ordered seizure of property b. writ of execution B. Garnishment – collection method whereby a creditor collects a debt by seizing property of the debtor held by a third party 1. Pay Check 2. Bank Account C. Mortgage foreclosure 1. Advertising and Sale
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2. Deficiency judgment D. Suretyship and Guaranty – a third party promises to be responsible for a debtor’s obligations 1. Surety – primarily liable – creditor need not exhaust all legal
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Unformatted text preview: remedies. 2. Guaranty secondarily liable creditor can demand payment if the principal defaults II. Laws assisting debtors A. Homestead exemption B. Personal property exemption III. Bankruptcy A. Bankruptcy Court federal court B. Types of Bankruptcy 1. Chapter 7 Liquidation a. Filing of the petition voluntary or involuntary b. Automatic Stay c. Exempt property d. Role of the trustee collect debtor estate and liquidate e. Secured creditors vs. unsecured creditors f. Discharge g. Exceptions to discharge (1) Taxes (2) Alimony (3) Child Support (4) Student loans (5) Intentional conduct 2. Chapter 11 a. Corporate reorganization b. Debtor in Possession c. Plan of reorganization 3. Chapter 13 Repayment Plan a. individuals b. repayment plan secured and unsecured creditors 4. Chapter 12 Family Farmer Plans...
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This note was uploaded on 04/15/2009 for the course LGS 200 taught by Professor Turner during the Spring '07 term at Alabama.

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Creditors Rights & Bankruptcy - remedies. 2....

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