1. 30
Chapter Thirty
Bankruptcy

2. Bankruptcy Act Chapter 7- Liquidation Chapter 11- Reorganization
Chapter 12- Family Farm
Chapter 13- Consumer Debt
Federal District Court
Core Proceeding

3. Chapter 7 Petition Automatic Stay Order of Relief Creditors/Trustee
Voluntary
Involuntary- Interim Trustee
Automatic Stay
Order of Relief
Creditors/Trustee

4. Trustee Takes Possession of Property Appraisal Sets Aside Exempt Items
Examines Claims
Secured v. Unsecured
Sell Nonexempt Property
Detailed Accounting of Disposition

5. Bankruptcy Estate Profits, Royalties, Rents, Revenues, & Proceeds
Property Received
Within 180 Days of Filing
Property Recovered by Trustee

6. Exemptions (FMV) Real Property <$16,150 1 Vehicle <$2,575
Personal <$8,625
Jewelry <$1.075
Other <$875
Homestead <$8,075
Trade Tools <$1,625
Life Insurance
Dividends/Interest <$8,625
Health Aids
Benefits
Insurance/Liability Payments

7. Chap. 7 (cont’d) Avoidance of Liens Preferential Payments
Preferential Liens
Ordinary Transactions
Fraudulent Transfers
Distribution

8. Claims
Proof
Allowable
Secured
Priority

9. Discharge Objections Acts That Bar Nondischargeable Debts
Reaffirmation
Dismissal for Abuse

10. Chapter 11
Reorganization
Proceeding
Collective
Bargaining Agreements

11. Chapter 12 Small Farms Exempted From Involuntary
Individual v. Corporation
Corporation
Debtor Retain Possession
File Plan Within 90 Days
Unsecured = Liquidation value

12. Chapter 13 Relief for Individuals Procedure for Filing Petition
Composition of Debts
Extension
Discharge
Advantages