1. Chapter 7
2. Chapter 9
3. Chapter 11
4. Chapter 12
5. Chapter 13

• permits voluntary and involuntary petitions
• individuals and businesses can file
• trustee involved

• allows for adjustment of debts of a municipality 
• (inludes political subdivision, public agency, or instrumentality of a state)
• permits voluntary petitions only

1. allows for reorganization of a debtor to pay debts
2. permits voluntary and involuntary petitions
3. allows companies to be discharged from certain debts
4. generally no trustee
5. plan must be approved by 1/2 of the creditors with 2/3 of the total claims
6. court must approve

1. allows for adjustment of debts of a family farmer and family fisherman
2. rehabilitation of a person, corp, or partnership who meets definition
3. permits only voluntary petition by the family farmer or family fisherman

1. allows for adjustment of debts of an individual only
2. permits only voluntary petitions
3. less than $360,475 in unsecured and less than $1,081,400 in secured debt
4. always involves a trustee
5. debtor's plan needs courts confirmation
6. 3-5 year plans

• any person, partnership or corp can petition themselves into chapter 7
• exceptions: banks, savings and loan associations, credit unions, railroads, insurance companies, governmental units (usually), small business investment companies
• consumers must receive credit counseling from an approved nonprofit agency within 180 prior to filing before they can file a petition

any person, corp, or partnership 

exceptions:

1. all of the above exclusions for voluntary 
2. nonprofit corps
3. farmers (80% or more gross income received from farming operation)

• if debtor has 12 or more unsecured creditors with noncontingent claims, petition must be signed by three or more whoe aggregate claims exceed $14,425 or more
• if debtor has less than 12 unsecured creditors with noncontingent claims, petition requires only one creditor to sign with an aggregate debt of $14,425 or more

• creditor must prove either...
• debtor has not been paing debts as the become due, or
• debtor's property has been placed in a receivorship, or debtor has made an assignmnet for the benefit of creditors within 120 days of the filing of the involuntary position

• granted by court upon filing of a voluntary petition or granting of an involuntary petition
• sets in motion proceedings that lead to the discharge of the debtor's debts

1. list of all creditors with addresses and amounts owed
2. schedule of assets and liabilities
3. schedule showing current income and expenses
4. statement of financial affairs
5. statement of intention to retain or suspend any property and to specify property claimed exempt from bankruptcy proceedings
6. certificate from an approved credit-cancelling agency (for consumers)
7. statement of amount of monthly income itemized to show how the amount is calculated
8. copy of federal income tax return from pervious year
9. proof of payments received from employers for last 6 months

• family yearly income is > $6,000 more than median family in the state
• debtor has opportunity to prove "special circumstances causing more expenses to come" 

1. failure of the debtor to provide required documents and schedules
2. debtor has been convicted of a violent crime or drug crime
3. debtor fails to pay post-petition domestic support obligations

(same as interim trustee unless creditors elect a different one in their meeting)

1.collecting the debtor's property;

2.accounting for all property received and making a final report to account for the administration of the debtor's estate;

3.investigating the financial affairs of the debtor to determine what valid debts exist and whether the debtor has;

4.furnishing information and reports concerning the debtor's estate; and

5.providing notice information to domestic support creditors.

1. criminal prosecution of debtor
2. collection of child support and other domestic support obligations and proceedings related to divorce, domestic violence, and child custoday and visitation
3. tax audits
4. investigations by a securities regulatory agency
5. withholding from a debtor's wages for repayment of a retirement account loan

1. secured creditor can claim lack of "adequate protection" (value of collateral depreciating) because of the stay
2. if petitioned, court must hold hearing within 30 days
3. stay automatically terminated after 60 days if no court hearing is held 

1. tangible and intangible property of the debtor at the commencement of bankruptcy proceedings
2. certain after-acquired property
3. property appreciation, income, etc. (excludes withholding for employee benefit plan contributions)
4. property reacquired by trustee's avoidable powers 

included if debtor acquires within 180 days after the petition is filed:

1. inheritance or gift
2. property by divorce, separation, or porperty settlement
3. beneficiary proceeds from a life insurance policy

most states: use state list of exemptions but if homestead is acquired within 3.5 years of filing max state homestead equity exempted is $146,450

other states: can chose state or federal exemptions

• may elect permanent trustee (if at least 20% of creditors are present) with a majority vote
• no judge is present
• debtor is required to appear (usually) and may have to be examined under oath

equivalent rights- generally has equivalent rights of lien creditors (priority over unperfected secured party) and BFP of real estate from debtor (priority over all unfiled interests like mortgages, deeds, etc.)

avoidance powers- power to set aside transfers of debtor's property

1. transfers due to duress, mistake, undue influence, failure of consideration, debtor's incapacity, etc.
2. fraudulent transfers made within 2 years of filing of the petition
3. transfer of property of the estate made by the debtor after the debtor became subject to bankruptcy proceeding 
4. transfer that result in legal preference (favors one creditor over another)

for creditors: transfer of debtors property, of preexisting debt, made within 90 days of the filing of petition, made while debtor was insolvent, creditor receives more then he would through bankruptcy proceedings

for all insiders: same as creditor elements except one year rather than 90 days (for insolvency, assumption only extends to 90 day window so must be proved if outside that 90 days)

1. contemporary exchange between debtor/creditor for new value
2. payment of a debt incurred in ordinary course of business or financial affairs of the debtor
3. consumer debtor's payment of up to $5,850 is not a preference
4. payments for alimony maintenance and child support

1. judicial liens on exempt property
2. nonpossessory, nonpurchase money security interests

1. filing of a claim must occur within 90 days from first meeting of creditors (same for chapter 12 and 13) except for taxing and governmental units who have 180 days
2. all legal obligations of the debtor are claims and don't have to be proved

1. assume and perform
2. assume and assign or sublease
3. reject the lease (if not assumed with 60 days, it is automatically rejected)

1. perfected secured claims 
2. domestic support obligations
3. administartive expenses of bankruptcy proceedings
4. gap creditors (involuntary position)
5. back wages and salaries ($11,725 max per employee and must be earned within 90 days of the filing of the petition or cessation of business (whichever is first))
6. employee benefit plans ($11,725 max per employee and must be earned within 180 days of the filing of the petition or cessation of business (whichever is first))
7. farmers and fisherman ($5,775 max per creditory)
8. prepayment by consumers ($2,600 max per creditor)
9. taxes
10. death or injury claims from operation of a vehicle or vessel due to being drunk or on drugs
11. general creditors
12. debtor

• generally will be granted to the debtor and releases the debtor from further liability of his or her debts
• revocable for a year

1. if party in bakruptcy is a partnership or corporation (only individuals can get discharge decrees)
2. debtor received a discharge within 8 years before filing of the current petition
3. acts committed by debtor deemed ground for denial
4. consumer debts (can be rebutted by debtor)

1. consumer debt within 90 days of filing of petition of more than $550 to a single creditor for luxury goods or services
2. cash advance more than $875 by the debtor using a credit card or other openended consumer credit if incurred within 70 days of the filing of the petition

1. unpaid taxes (2 years)
2. debts incurred through fraud, larceny, or embezzlement
3. debts of creditors who had no knowledge of bankruptcy proceedings
4. unpaid claims for alimony, maintenance, and support
5. claims based on debtor's willful or malicious torts
6. fines and penalties payable to any governmental unit
7. student loan debts or benefits (unless undue hardship can be proven)
8. claims arising from judgment or consent decree awarded against a debtor where liability was incurred as a result of drunk driving

1. agreement must be entered into prior to the granting of the discharge decree in bankruptcy
2. signed and file with the court
3. if not represented by an attorney, hearign is required
4. must include statement for debtor's right to rescind the agreement at any time prior to the discharge decree being granted or within 60 days of the filing of the agreement, whichever is later (clear and conspicuously)

1. if debtor's monthly income - expenses is less than the scheduled payments on raffirmed debt, then a rebutable due hardship is presumed. to rebut, debtor can file a written explanation and debtor's attorney must certifyf that in his opinion the debtor is unable to make payments
2. debtor must receive several disclosures before signing a reaffirmation. then they must be signed, certified, and filed with court with the reaffirmation agreement