07-11 - Chapter Seven. Overview of Chapter 7 After reading...

Info iconThis preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter Seven. Overview of Chapter 7 After reading this chapter, you will be able to: Describe the basic events which occur in all bankruptcy proceedings. Understand the rules relating to professional retention and compensation in bankruptcy proceedings. Define the concept of discharge Define the concept of reaffirmation and the procedures utilized to reaffirm a debt
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Consumer No Asset Chapter 7 Proceeding A consumer no asset Chapter 7 proceeding is a proceeding filed by an individual debtor or joint debtors in which there will normally be no assets available for the trustee to administer for distribution of dividends to unsecured creditors. Any assets owned by the debtor will be either secured or exempt.
Background image of page 2
Practice Pointer The Bankruptcy Code describes ‘‘joint debtors’’ as an individual debtor ‘‘and such individual’s spouse.’’ The Code recognizes married couples but no other joint filings.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Employment and Compensation of Professionals The Bankruptcy Code regulates the employment and compensation of professionals rendering services in any bankruptcy proceeding.
Background image of page 4
Bankruptcy Petition Preparers Section 110(a) defines a bankruptcy petition preparer as a person other than the debtor’s attorney or the attorney’s employee under that attorney’s direct supervision who prepares for compensation a document for filing with the Bankruptcy Court. An unsupervised paralegal may be a bankruptcy petition preparer. A document for filing is any document prepared for filing by a debtor in a bankruptcy case.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Exempt Exemptions are statutorily defined property that an individual debtor may protect from administration by a bankruptcy estate. Exempt property is not available for liquidation to pay a dividend to creditors; a debtor may keep exempt property. Exemptions are a primary element of debtor relief.
Background image of page 6
Discharge Discharge is legal relief from debt provided for by Section 524 of the Bankruptcy Code. The discharge is one of the three elements of debtor relief provided for in the Bankruptcy Code.
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Automatic Stay is a statutory bar to the conducting of any collection activity by creditors after a bankruptcy petition has been filed.
Background image of page 8
Image of page 9
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 32

07-11 - Chapter Seven. Overview of Chapter 7 After reading...

This preview shows document pages 1 - 9. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online