The Bankruptcy Code requires the trustee to ask the debtor questions at the meeting of creditors to ensure that the debtor is aware of the potential consequences of seeking a discharge in bankruptcy such as the effect on credit history, the ability to file a petition under a different chapter, the effect of receiving a discharge, and the effect of reaffirming a debt. Constitution of Saudi Arabia. The discharge eliminates debts in a similar fashion regardless of the city or state you file in. You start the case by submitting a packet of papers (called the … The discharge in a chapter 13 case is somewhat broader than in a chapter 7 case. Generally, excluding cases that are dismissed or converted, individual debtors receive a discharge in more than 99 percent of chapter 7 cases. § 524(d) and (m). Chapter 7 bankruptcy is a court-supervised process that allows individuals to eliminate their personal liability for most types of debt and receive a fresh start. In other jurisdictions, the individual debtor has the option of choosing between a federal package of exemptions or the exemptions available under state law. These videos will give you basic information about the process, the relief it offers, and how to find the legal help you may need. § 727(a)(1). P. 4007(c). §§ 109, 111. Debtors should be aware that there are several alternatives to chapter 7 relief. A detailed list of the debtor's monthly living expenses, i.e., food, clothing, shelter, utilities, taxes, transportation, medicine, etc. R. Bankr. The Government of the Hong Kong Special Administrative Region may apply immigration controls on entry into, stay in and departure from the Region by persons from foreign states and regions. Among the schedules that an individual debtor will file is a schedule of "exempt" property. In order to preserve their independent judgment, bankruptcy judges are prohibited from attending the meeting of creditors. Debtors should be aware that failure to pay these fees may result in dismissal of the case. The debtor should consult an attorney to determine the exemptions available in the state where the debtor lives. § 1930(a). § 524(k). What is most useful is the knowledge of the basic laws of physics and skill in the analytical methods for applying them. These forms prompt you to list all of your assets and all of your debts, along with some recent financial history.This is the most important and most time consuming part of a bankruptcy filingIt is important that every creditor is listed in the schedules with an accurate mailing address. The dynamic behavior is described in terms of the time rate of change of the robot configuration in relation to the joint torques exerted by the actuators. If your income is less than or equal to the median, you can file for Chapter 7 bankruptcy. OTHER SETS BY THIS CREATOR. According to the circumstances of each case, consular and other official missions established in Hong Kong by states which have no formal diplomatic relations with the People's Republic of China may be permitted either to remain or be changed to semi-official missions. Qualifying for Chapter 7 Bankruptcy. § 524(f). A creditor may no longer initiate or continue any legal or other action against the debtor to collect a discharged debt. The trustee accomplishes this by selling the debtor's property if it is free and clear of liens (as long as the property is not exempt) or if it is worth more than any security interest or lien attached to the property and any exemption that the debtor holds in the property. From Dismemberment to Discharge: The History and Basic Law of Consumer Bankruptcy in Chapter 7. Secured creditors may retain some rights to seize property securing an underlying debt even after a discharge is granted. Basic Law Full Text - index.html Printed version: available free of charge at any of the District Offices under the Home Affairs Department PDF version: click here to download HTML version: see below Important Notice. Chapter 7 of Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States, in contrast to Chapters 11 and 13, which govern the process of reorganization of a debtor. You aren’t legally able to file Chapter 7 bankruptcy if you had a previous Chapter 7 bankruptcy discharge within the past 8 years, or a Chapter … § 523(a). Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property. On this page you can read or download chapter 7 activity basic concepts street law answer key in PDF format. 11 terms. lindsaysnowhite. The debtor may repay any debt voluntarily, however, whether or not a reaffirmation agreement exists. 11 U.S.C. If the debtor was represented by an attorney in connection with the reaffirmation agreement, the attorney must certify in writing that he or she advised the debtor of the legal effect and consequences of the agreement, including a default under the agreement. Effective Workplace Communication Skills. Although a secured creditor does not need to file a proof of claim in a chapter 7 case to preserve its security interest or lien, there may be other reasons to file a claim. R. Bankr. Criminal Law - Chapter 7 Key Terms. The purpose of this page is to provide basic information about the key forms and procedures involved in filing for Chapter 7 bankruptcy. Chapter 7 is the most common type of bankruptcy and is often referred to as a straight bankruptcy. 11 U.S.C. Chapter 7 bankruptcy is a legal process that can help individuals get relief from debts by discharging — or clearing — some or all of what’s owed. Income criteria established by bankruptcy law determine which debtors may file for Chapter 7 bankruptcy. PLAY. 28 U.S.C. § 362. International agreements to which the People's Republic of China is not a party but which are implemented in Hong Kong may continue to be implemented in the Hong Kong Special Administrative Region. Abuse is presumed if the debtor's aggregate current monthly income over 5 years, net of certain statutorily allowed expenses, is more than (i) $12,850, or (ii) 25% of the debtor's nonpriority unsecured debt, as long as that amount is at least $7,700. Chapter 8 16. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Some trustees provide written information on these topics at or before the meeting to ensure that the debtor is aware of this information. 11 U.S.C. Section 7 Swearing Allegiance . Accordingly, the debtor is not particularly interested in the trustee's disposition of the estate assets, except with respect to the payment of those debts which for some reason are not dischargeable in the bankruptcy case. The Central People's Government shall authorize the Government of the Hong Kong Special Administrative Region to issue, in accordance with law, passports of the Hong Kong Special Administrative Region of the People's Republic of China to all Chinese citizens who hold permanent identity cards of the Region, and travel documents of the Hong Kong Special Administrative Region of the People's Republic of China to all other persons lawfully residing in the Region. THE BASIC LAW OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA . 2 Basic Concepts What is law? § 524(c). Here you'll find overview articles explaining what bankruptcy is, the difference between Chapter 7 and Chapter 13 bankruptcy, how each type of bankruptcy works, and what bankruptcy can and cannot do. Chapter 7 bankruptcy, also called "straight" or "liquidation" bankruptcy, is so named because the law is contained in Chapter 7 of the federal Bankruptcy Code. Deadline for coming into operation: 31 January 2013 Street Law Chapter 5 The Court System . A list of all creditors and the amount and nature of their claims; The source, amount, and frequency of the debtor's income; A list of all of the debtor's property; and. R. Bankr. § 524(k). It is also the most common type of personal bankruptcy filed in the United States. Representatives of the Government of the Hong Kong Special Administrative Region may, as members of delegations of the People's Republic of China, participate in international organizations or conferences in appropriate fields limited to states and affecting the Region, or may attend in such other capacity as may be permitted by the Central People's Government and the international organization or conference concerned, and may express their views, using the name "Hong Kong, China". Commencement of a bankruptcy case creates an "estate." Chapter I General Principles . Learn. If a joint petition is filed, only one filing fee, one administrative fee, and one trustee surcharge are charged. Under Chapter 7, you can eliminate most of your unsecured debts and some secured debts by surrendering your assets. Fundamentals of Law Chapter 7. Chapter 7 is the most common form of bankruptcy in the United States. § 521. § 727(d). The bankruptcy clerk gives notice of the bankruptcy case to all creditors whose names and addresses are provided by the debtor. Learn law chapter 2 basic with free interactive flashcards. In order to accord the debtor complete relief, the Bankruptcy Code allows the debtor to convert a chapter 7 case to a case under chapter 11, 12, or 13 (6) as long as the debtor is eligible to be a debtor under the new chapter. Moreover, a bankruptcy discharge does not extinguish a lien on property. There is no fee for converting from chapter 7 to chapter 13. 82 terms. Liquidation under Chapter 7 is a common form of bankruptcy. § 362(b), and the stay may be effective only for a short time in some situations. Chapter IX Supplementary Provisions . The debtor is only paid if all other classes of claims have been paid in full. They modelled these new laws after the image of Chapter 11 of the U.S. Bankruptcy Code. Unsecured debts are debts not secured with collateral, including most personal loans and credit cards. Even if filing jointly, a husband and wife are subject to all the document filing requirements of individual debtors. If the debtor decides to reaffirm a debt, he or she must do so before the discharge is entered. R. Bankr. Fed. The debtor must attend the meeting and answer questions regarding the debtor's financial affairs and property. The Central People's Government shall, where necessary, facilitate the continued participation of the Hong Kong Special Administrative Region in an appropriate capacity in those international organizations in which Hong Kong is a participant in one capacity or another, but of which the People's Republic of China is not a member. Unless the debtor overcomes the presumption of abuse, the case will generally be converted to chapter 13 (with the debtor's consent) or will be dismissed. Chapter 7 is the most common form of bankruptcy. 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