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Law And Business I

by: Kenyon Herzog

Law And Business I BUL 3320

Kenyon Herzog
GPA 3.58

Robert Welker

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About this Document

Robert Welker
Class Notes
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This 2 page Class Notes was uploaded by Kenyon Herzog on Wednesday September 23, 2015. The Class Notes belongs to BUL 3320 at University of South Florida taught by Robert Welker in Fall. Since its upload, it has received 18 views. For similar materials see /class/212624/bul-3320-university-of-south-florida in Business Law at University of South Florida.


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Date Created: 09/23/15
Chapter 39 Bankruptcy Voidable preference time limit The trustee may recover any transfer or property made on or within 90 days before the date of the ling of the petition or if the creditor was an insider within 1 year of the date of the ling of the petition Fraudulent transfer time limit The trustee may avoid fraudulent transfers made on or within one year before the date of the ling of the petition What debts are not dischargeable 1 certain taxes and customs duties 2 legal liabilities for money or property obtained by false pretenses 3 legal liability for willful and malicious injuries to the person or property of another 4 alimony and child support 5 debts not scheduled unless the creditor knew of the bankruptcy 6 debts created by fraud or embezzlement while acting as a duciary 7 student loans unless the debt would impose undue hardship 8 debts that could have been listed in a previous bankruptcy in which no discharge was issued 9 consumer debts for luxury goods or services in excess of 1075 per creditor if incurred within 60 days of the order for relief 10 cash advances aggregating more than 1075 obtained under an openended credit plan within 60 days of the order for relief 11 liability for a judgment based upon operation of a motor vehicle while legally intoxicated 12 nes penalties or forfeiture owed to a governmental entity Chapter 13 cases the only debts not discharge are 4 7 11 and 12 above Priority of Claims Ex taxes owed to state are paid before general creditors First secured claims are paid ex security interests then remaining assets are distributed among unsecured creditors Unsecured claims priority 1 expenses of administration of the debtors estate 2 claims of gap creditors in an involuntary case 3 claims of up to 4300 for wages salaries or commissions earned within 90 days before ling of the petition 4 claims for contributions to employee bene t plans 5 unsecured claims up to 4300 for grain sh producers against a storage facility 6 claims up to 1950 for consumer deposits 7 alimony and support of a spouse or child 8 income property employment or excise taxes owed to governmental units After secured claims and claims with priority are paid creditors with allowed unsecured claims share proportionately any remaining assets general creditors Automatic stay applies to all Chapter 711 and 13 bankruptcies both secured and unsecured You can have automatic stay with an involuntary petition in bankruptcy only in chapters 7 amp 11 not 13 An automatic stay prevents attempts by creditors to begin or continue to recover claims against the debtor Applies to both secured and unsecured creditors An automatic stay ends when the bankruptcy case is closed or dismissed or when the debtor receives a discharge Hardship discharge provisions what debts do they apply to and circumstances Apply only to dischargeable debts This discharge is subject to the same exceptions for nondischargeable debts as a discharge under Chapter 7 Granted only when the debtor s failure to complete payments on the reorganization plan is due to I circumstances for which the debtor is not justly accountable I the value of the property actually distributed is not less than what creditors would have received under Chapter 7 and modification of the plan is not practicable


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