BLAW Chptrs 15-18 - Chapter 15 What is the function of an...

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Chapter 15 What is the function of an attachment? Refers to court ordered seizure and taking into custody of property prior to the securing of a judgment past due debt. What is meant by the right of contribution? In the case of co-sureties allows a surety who pays more than his or her proportionate share on a debtor’s default to recover from the co-sureties the amount paid above the surety’s obligation. What two things does a discharge in bankruptcy accomplish? To void any judgment on a discharged debt and enjoin any action to collect a discharged debt. Is it possible to discharge student loans under a chapter 7 bankruptcy? Yes Who can file a chapter 7 bankruptcy? Disabled veterans whose debts were incurred during active duty and people whose debts come primarily from the operation of a business get a fast pass to Chapter 7. All others must meet the requirements set out below. Your disposable income below the $166.66 figure, you will be allowed to use Chapter 7. You cannot file for Chapter 7 bankruptcy if you obtained a discharge of your debts in a Chapter 7 case within the last eight years, or a Chapter 13 case within the last six years. Could a (creditor/debtor?) place a lien on an automobile that a debtor uses to commute to work? What is a garnishment? Permits a creditor to collect a debt by seizing property of the debtor that is being held by a third party. The garnishee (third party) is typically the debtors employer. What is writ of execution? Is an order that directs the sheriff to seize and sell any of the debtors non exempt real or personal property that is within the courts geographical jurisdiction. The proceeds of the sale are used to pay of the judgment, accrued interest, and the cost of the sale. Must a lawsuit be filed before attachment can be used as a remedy? Is an attachment a prejudgment remedy to collect a debt? Yes Know at least three kinds of debts that cannot be discharged under a chapter 13 bankruptcy. Family support such as child support or alimony  Fines  Student loans [internal link to student loans in bankruptcy piece]  Drunk driving judgments 
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Certain taxes  Debts for restitution or fine included in a criminal sentence Is the debtor only the one that can file a chapter 13 bankruptcy? Yes Is a debtor who files chapter 11 bankruptcy similar to a trustee in liquidation under chapter 7? No? Liquidation under a Chapter 7 filing is the most common form of bankruptcy. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Because each state allows for debtors to keep essential property, most Chapter 7 cases are "no asset" cases, meaning the debtor keeps all his or her property Bankruptcy under Chapter 11 , Chapter 12 , or Chapter 13 is more complex reorganization and involves allowing the debtor to keep some or all of his or her property and to use future earnings
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BLAW Chptrs 15-18 - Chapter 15 What is the function of an...

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