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Types of Bankruptcies

Types of Bankruptcies. Chapter 7 Liquidation Chapter 9 Municipality Chapter 11 Business Reorganization Chapter 12 Farm or Fisherman Reorganization Chapter 13 Personal Reorganization. Chapter 7. Eliminate Debt Start Over Financially. Priority Debt. Not Discharged. Secured Debt.

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Types of Bankruptcies

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

  2. Chapter 7 • Eliminate Debt • Start Over Financially

  3. Priority Debt • Not Discharged

  4. Secured Debt • SurrenderDischarged • Reaffirm Not Discharged • Redeem Partially Discharged

  5. Secured Debt • Surrender Discharged • ReaffirmNotDischarged • Redeem Partially Discharged

  6. Secured Debt • Surrender Discharged • Reaffirm Not Discharged • RedeemPartiallyDischarged

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

  8. Executory Contracts • RejectDischarged • Accept Not Discharged

  9. Executory Contracts • Reject Discharged • AcceptNotDischarged

  10. Unsecured • Unsecured Debt Discharged

  11. Assets Property -Debt -Exemptions May=Assets worth selling

  12. 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

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

  14. Common Individual Exemptions • Homestead $5 to 20,000 • Personalty $2 to 3,000 • Vehicle $2,500.00 • Business Tools $3,500.00 • Wedding Ring $500.00 • Living Room Furniture $500.00 • Bedding Unlimited • Clothing Unlimited (no Furs) • 401K Unlimited

  15. Co-Signers and Co-Obligors • Liable for Discharged Debt

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

  17. Divorce Decrees • Divorce Decrees are not enforceable against Creditors

  18. Bank Accounts • Open a New Account before you File

  19. Court Costs, Attorney Fees, and Expenses • Attorney Fees $543.00 • Costs $299.00 • Expenses $123.00

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

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