Chapter 7 e activity

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Chapter 7 e activity

Main content Chapter 7 - Bankruptcy Basics This chapter of the Bankruptcy Code provides for "liquidation" - the sale of a debtor's nonexempt property and the distribution of the proceeds to Chapter 7 e activity. Alternatives to Chapter 7 Debtors should be aware that there are several alternatives to chapter 7 relief.

For example, debtors who are engaged in business, including Chapter 7 e activity, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation.

Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization.

Sole proprietorships may also be eligible for relief under chapter 13 of the Bankruptcy Code. In addition, individual debtors who have regular income may seek an adjustment of debts under chapter 13 of the Bankruptcy Code. A particular advantage of chapter 13 is that it provides individual debtors with an opportunity to save their homes from foreclosure by allowing them to "catch up" past due payments through a payment plan.

Moreover, the court may dismiss a chapter 7 case filed by an individual whose debts are primarily consumer rather than business debts if the court finds that the granting of relief would be an abuse of chapter 7. If the debtor's "current monthly income" 1 is more than the state median, the Bankruptcy Code requires application of a "means test" to determine whether the chapter 7 filing is presumptively abusive.

Unless the debtor overcomes the presumption of abuse, the case will generally be converted to chapter 13 with the debtor's consent or will be dismissed. Debtors should also be aware that out-of-court agreements with creditors or debt counseling services may provide an alternative to a bankruptcy filing.

Background A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims creditors in accordance with the provisions of the Bankruptcy Code.

Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.

Chapter 7 Eligibility To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. Subject to the means test described above for individual debtors, relief is available under chapter 7 irrespective of the amount of the debtor's debts or whether the debtor is solvent or insolvent.

An individual cannot file under chapter 7 or any other chapter, however, if during the preceding days a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.

In addition, no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing.

There are exceptions in emergency situations or where the U. If a debt management plan is developed during required credit counseling, it must be filed with the court. One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations.

Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged.

Moreover, a bankruptcy discharge does not extinguish a lien on property. How Chapter 7 Works A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.

Debtors must also provide the assigned case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case including tax returns for prior years that had not been filed when the case began.

Individual debtors with primarily consumer debts have additional document filing requirements. A husband and wife may file a joint petition or individual petitions. Even if filing jointly, a husband and wife are subject to all the document filing requirements of individual debtors. The Official Forms may be purchased at legal stationery stores or download.

They are not available from the court. Normally, the fees must be paid to the clerk of the court upon filing.

With the court's permission, however, individual debtors may pay in installments. The number of installments is limited to four, and the debtor must make the final installment no later than days after filing the petition.

For cause shown, the court may extend the time of any installment, provided that the last installment is paid not later than days after filing the petition. If a joint petition is filed, only one filing fee, one administrative fee, and one trustee surcharge are charged.

Debtors should be aware that failure to pay these fees may result in dismissal of the case. In order to complete the Official Bankruptcy Forms that make up the petition, statement of financial affairs, and schedules, the debtor must provide the following information: A list of all creditors and the amount and nature of their claims; The source, amount, and frequency of the debtor's income; A list of all of the debtor's property; and A detailed list of the debtor's monthly living expenses, i.

Chapter 7 e activity

Married individuals must gather this information for their spouse regardless of whether they are filing a joint petition, separate individual petitions, or even if only one spouse is filing. In a situation where only one spouse files, the income and expenses of the non-filing spouse are required so that the court, the trustee and creditors can evaluate the household's financial position.

Activities

Among the schedules that an individual debtor will file is a schedule of "exempt" property.This activity was created by a Quia Web subscriber.

Learn more about Quia: Create your own activities. Activities. Chapter 7: Poseidon and Sea Deities. Commentaries. Read the Commentary for Chapter 7. Links. Investigate the images of Poseidon from the Perseus Vase Catalog. Compare the depiction of Poseidon with that of his brother Zeus.

View the later representation of Poseidon in the Trevi Fountain. The prophecies beginning in chapter seven start a new time-schedule, beginning in the first year of Belshazzar’s reign, that is, before the narrative of chapter five.

(Dan ) Daniel spake and said, I saw in my vision by night, and, behold, the four winds of the heaven strove upon the great sea. Grade 5 5 Chapter 7 Estimada familia: CHoy mi clase comenzó el 7 E á L a e p í t u l o: y l l l g e b r a: o s n t e r o s a s eecuaciones. Activity: Try the Assertive Message Write the steps of the assertive message, based on the chapter.

Reflect on your typical conflict style and write down what you believe you currently do when faced with a . This for chapter 7 of AP Bio, on the same test as 5, 6, and 8.

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