Post on 25-Jan-2015
description
transcript
BankruptcyDave Gormley
Andrews Bongar Gormley & Clagett
SouthernMarylandLaw.com
The Chapters• The Other Chapters
• Chapter 9 - Municipalities
• Chapter 11 Reorganization
• Chapter 12 - Family Farmers & Fisherman
• Chapter 15 - Cross Border Cases• Chapter 7 - Liquidation• Chapter 13 - Adjustment of Debts
• The Trustee & The Estate
• The Automatic Stay
• The 341 Meeting
• Priority of Creditors
• Exemptions
• The Discharge
Terms
Non Dischargeable Debts• Chapter 7• Restitution• Alimony & Child Support• Taxes and Debts Incurred to Pay Taxes• Student Loans• Debts for Willful or Malicious Injury of Person or Property• Debts for Injury or Death as Result of Driving Under the Influence• Obligations in Divorce Proceedings• Debts Incurred by Fraud
• The Chapter 13 Discharge or Super Discharge Allows for Discharge of:• Obligations in Divorce Proceeding• Debts for Malicious Destruction of Property• Debts Incurred to Pay Taxes
Type of Exemption Dollar Amount
Pension Unlimited
Household Goods & Furnishings $1,000
Real or Personal Property $5,000
Property of Any Kind $6,000
Tools of the Trade $5,000
Homestead Exemption $21,625
Common Maryland Exemptions
Chapter 7
• Eligibility
• Individual, Partnership, Corporation
• Filing Fee $335
• No Prior Discharge in 8 years
Income Limits
Median Family Income
Family of 1- $59,055 2- $77,105 3- $87,924 4-$107,233 5-$115,33
The Process• PreFiling Class -Credit Counseling
• The Petition
• Trustee Documents
• Post Filing Class - Financial Management
• The 341 Meeting
• The Discharge
Chapter 13• Eligibility
• Individual or Unincorporated Business
• Filing fee $310
• Secured Debt Under $1,149,525
• Unsecured Debt Under $383,175
The Process• The Petition & Plan
• The Classes & Documents
• The 341 Meeting
• Confirmation
• Payments
• Discharge