Class 6 - be discharged • Student loans • Taxes •...

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Bankruptcy - Top 5 reasons: 1. Medical 2. Job Less 3. Disability 4. Personal problems 5. Business problems - Two different kinds 1. Chapter 7 Liquidation Cannot file for another 8 years On credit report for 10 years o Petition List all assets and liabilities Creditors contacted Assigned a trustee o Automatic Stay NO more contracts from creditors or collections o Meeting of creditors o Exempt Assets Home/Food Benefits Personal property ($$ limit) Tools of the trade Cash value of life insurance Rest – turned over to trustee to sell and pay creditors o Liabilities that CAN be discharged Landlord Utilities Credit cards Department stores Medical bills o Liabilities that CANNOT
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Unformatted text preview: be discharged: • Student loans • Taxes • Child support 2. Chapter 13 Reorganization • 2 years before you can file again 05 Bankruptcy Act-No counseling-Self file with court-Chapter 7: 6 years-Chapter 13: No limit-No means test Behavior change Awareness to better money management-Stages of change: 1. Pre-Contemplation: “Me? I don’t have a problem!” 2. Contemplation: “Gosh, maybe I do have a problem.” 3. Preparation: “I need to get ready! I need more info…” 4. Action: “I’m doing it right this time.” 5. Maintenance: “How am I doing? Check up or tune up needed?” 6. Termination...
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This note was uploaded on 12/01/2011 for the course HDFS 238 taught by Professor Boyce during the Fall '10 term at Michigan State University.

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Class 6 - be discharged • Student loans • Taxes •...

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