Automatic stay- chapter 7 &11 - ANSWERSonce petition is filed- most creditors cannot take steps to
collect
, chapter 7 bankruptcy- voluntary or involuntary - ANSWERSeither
chapter 11 bankruptcy- voluntary or involuntary - ANSWERSeither
involuntary bankruptcy.... number of creditors and amount? - ANSWERSless than 12- only one with
16,750 must file
more than 12- 3 with 16,750 (joint)
What is included in a bankruptcy estate - ANSWERSestate (FMV) PLUS DIII
-divorce
-inheritance
-income from estate
-insurance
180 days after filing
Two things to look for before/after bankruptcy - ANSWERS-preferential payment
-fraudulent transfers
preferential payment - ANSWERS-paying debts up to 90 days before bankruptcy
-debtor cannot choose who gets paid first
do not include
-pmts in ord. course of business
-PMSI perfected within 30 days
-child support
-consumer pmts <$600
fraudulent transfers - ANSWERScheck within 2 years of filing for bankruptcy
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