Types of Bankruptcies Chapter 7Liquidation Chapter 7Liquidation Chapter 9Municipality Chapter 9Municipality Chapter 11Business Reorganization Chapter 11Business.

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Presentation transcript:

Types of Bankruptcies Chapter 7Liquidation Chapter 7Liquidation Chapter 9Municipality Chapter 9Municipality Chapter 11Business Reorganization Chapter 11Business Reorganization Chapter 12Farm or Fisherman Reorganization Chapter 12Farm or Fisherman Reorganization Chapter 13Personal Reorganization Chapter 13Personal Reorganization

Chapter 7 Eliminate Debt Eliminate Debt Start Over Financially Start Over Financially

Priority Debt Not Discharged Not Discharged

Secured Debt Surrender Discharged Surrender Discharged Reaffirm Not Discharged Reaffirm Not Discharged Redeem Partially Discharged Redeem Partially Discharged

Secured Debt Surrender Discharged Surrender Discharged Reaffirm Not Discharged Reaffirm Not Discharged Redeem Partially Discharged Redeem Partially Discharged

Secured Debt Surrender Discharged Surrender Discharged Reaffirm Not Discharged Reaffirm Not Discharged Redeem Partially Discharged Redeem Partially Discharged

Secured Obligation with a Credit Union Credit Union Debts are Cross-Collateralized Credit Union Debts are Cross-Collateralized Unsecured debts are actually secured Unsecured debts are actually secured Must Reaffirm all or nothing Must Reaffirm all or nothing

Executory Contracts RejectDischarged RejectDischarged AcceptNot Discharged AcceptNot Discharged

Executory Contracts RejectDischarged RejectDischarged AcceptNot Discharged AcceptNot Discharged

Unsecured Unsecured DebtDischarged Unsecured DebtDischarged

Assets Property -Debt -Exemptions May=Assets worth selling

Assets Property Value - Debt Against the Property = Equity Equity - Costs of Sale = Net Value of Property Net Value of Property - Exemptions = Value Available for Creditors

Assets Home FMV - Mortgage Debt - Cost of Sale (6% of Home FMV) - Homestead Exemption = Value Available for Creditors

Common Individual Exemptions Homestead$5 to 20,000 Homestead$5 to 20,000 Personalty$2 to 3,000 Personalty$2 to 3,000 Vehicle$2, Vehicle$2, Business Tools$3, Business Tools$3, Wedding Ring$ Wedding Ring$ Living Room Furniture$ Living Room Furniture$ BeddingUnlimited BeddingUnlimited ClothingUnlimited (no Furs) ClothingUnlimited (no Furs) 401KUnlimited 401KUnlimited

Co-Signers and Co-Obligors Liable for Discharged Debt Liable for Discharged Debt

Domestic Support Obligations Child Support and Alimony - Not Dischargeable Child Support and Alimony - Not Dischargeable Property Settlements - Not Always Dischargeable Property Settlements - Not Always Dischargeable

Divorce Decrees Divorce Decrees are not enforceable against Creditors Divorce Decrees are not enforceable against Creditors

Bank Accounts Open a New Account before you File Open a New Account before you File

Court Costs, Attorney Fees, and Expenses Attorney Fees $ Attorney Fees $ Costs$ Costs$ Expenses$ Expenses$123.00

Recap of Chapter 7 Priority Debt Priority Debt –Not Discharged Secured Debt Secured Debt –Reaffirm, Surrender or Redeem Executory Contracts Executory Contracts –Accept or Reject Unsecured Unsecured –Discharged Assets Assets –Non-exempt items may be taken

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