BLA 461 Lecture Notes - Lecture 4: Automatic Stay, Means Test, Personal Property
Document Summary
Being below the median income level for your home state. Means test: if less than after the calculation: file a petition under chapter 7 of the bankruptcy code, list all the creditors. All creditors will be notified: creditors submit a proof of claim form, appoint a trustee in bankruptcy. Automatic stay rule: stops all creditors from going after the debtor. Trustee can set aside (cid:498)voidable preferences(cid:499) (cid:523)preferential payments(cid:524). Trustee can set aside fraudulent transfers (transfer of property to avoid seizing). days and set aside these payments. Trustee can seize inheritances within 180 days after the filling of the bankruptcy petition. If there are fewer than 12 creditors in total, then any creditor owed ,425 can file. If there are more than 12 creditors, then any 3 creditors owed a total of ,425 can file. Debtor can keep exempt assets, but must give the trustee all non-exempt assets. Federal act but states can select their exemptions list.
