ch12 bankruptcy

ch12 bankruptcy - ONLY Bankruptcy Chapter 12 Chapter Issues...

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ONLY Bankruptcy Chapter 12 Bankruptcy Bankruptcy Chapter Issues
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Bankruptcy Federal Bankruptcy Code they are filed under Key feature of bankruptcy emphasizes fair treatment to creditors Chapter 7 most are voluntary, but creditors may force an involuntary proceeding upon filing, there is a freeze on actions against the debtor and the debtor’s property trustee is appointed to administer the debtor’s estate Assets are liquidated and proceeds distributed to creditors
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Bankruptcy Chapter 7 Priority of creditors secured creditors costs of preserving and administering debtor’s estate unpaid wage claims certain claims of farmers and fishermen refund of security deposits alimony and child support taxes unsecured creditors All creditors of a particular class must be paid before going to next class
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Bankruptcy Chapter 7 Discharge in Bankruptcy nonexempt assets are liquidated and distributed to creditors and debts are extinguished get clean slate, but bankruptcy remains on credit report for 10 years some debts are not discharged: alimony and child support back taxes some student loans some debts incurred immediately before bankruptcy debts incurred by fraud against the creditors fines owed to the government
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ch12 bankruptcy - ONLY Bankruptcy Chapter 12 Chapter Issues...

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