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BK 113: Statement of Your Current Monthly Income
Statement of Your Current Monthly Income. Every Chapter 7 debtor must file a statement of current monthly income. 11 U.S.C. § 521(a)(1)(B)(v). A better term for this statement would have been average monthly income. As discussed below, this statement reveals the average monthly income from all sources of income during…
BK 114: Statement of Means Test Calculation
Statement of Means Test Calculation. Every Chapter 7 debtor must file Official Form 122A-2, Chapter 7 Means Test Calculation when his/her annualized average monthly income (as calculated in Part 1 of Official Form 122A-1, Chapter 7 Statement of Your Current Monthly Income) exceeds the state’s median annual income for households of…
BK 118: Bankruptcy Case Study 4 – John Kennedy
Bankruptcy Case Study 4 – John & Jacqueline Kennedy The Schaller Bankruptcy Master Class provides five full-feature bankruptcy case studies. Each case study contains a fictitious client(s) filing for Chapter 7 bankruptcy relief. Some case studies involve an individual and some studies involve married people. Each study starts with a…
BK 122: Chapter 1 of the Bankruptcy Code
Chapter 1 of the Bankruptcy Code The United States bankruptcy laws are codified at 11 U.S.C. § 101 et seq., which is commonly referred to as the Bankruptcy Code. The Code is segregated into various “chapters” just like a book: 1, 3, 5, 7, 9, 12, 13 and 15. The Bankruptcy…
BK 123: Chapter 3 of the Bankruptcy Code
Chapter 3 of the Bankruptcy Code Bankruptcy Code Chapter 3 relates to case administration. Section 301 et seq. provides rules about commencing a bankruptcy case, duties of the trustee and other officers, required meetings of creditors, and automatic stay/injunction rights. Not all sections of Chapter 3 will be addressed. Instead, concentration is…
BK 124: Chapter 5 of the Bankruptcy Code
Chapter 5 of the Bankruptcy Code Bankruptcy Code Chapter 5 provides for rights of creditors, duties of debtor, obligations of debtor’s counsel, and administration of the bankruptcy estate. Chapter 5 consists of sections 501 thru 562. Not all sections of Chapter 5 will be addressed. Instead, concentration is placed on those…
BK 125: Chapter 7 of the Bankruptcy Code
Chapter 7 of the Bankruptcy Code Bankruptcy Code Chapter 7 is different than Code chapters 1, 3 & 5. Think of Chapters 1, 3 and 5 as the internal gears that make the bankruptcy machine operate efficiently – the nuts and bolts of the bankruptcy process if you will. In…
MK 110: The Bankruptcy Process
Understanding the Bankruptcy Process Studying these courses should help any attorney feel more competent to file his/her first Chapter 7 bankruptcy case. Attorneys who embrace these courses will be able to better understand the Chapter 7 legal requirements, anticipate bankruptcy issues, and carefully prepare the required petition, schedules, and statements.…
MK 112: U.S. Bankruptcy Code
Exploring the U.S. Bankruptcy Code The Bankruptcy Code is the most authoritative source of bankruptcy law. The Bankruptcy Code is divided into “chapters” just like a book. For individuals seeking to discharge their debts without making any payments, the most relevant Bankruptcy Code chapters are Chapters 1, 3, 5 & 7.…