Flashcards in Chapter 32 Deck (13)
Entities to which a debtor owes money
Debtors who cannot pay their debts in a timely manner
Bankruptcy abuse prevention and consumer protection act of 2005
When a debtor turns over all assets to a trustee
An individual who takes over administration of the debtors estate.
All debtors prepetition assets
Creditors must cease legal action against debtor
Order if relief
Bankruptcy relief is ordered
A meeting of all creditors listed in the chapter 7 required schedules for liquidation
Payments made by an insolvent debtor that give preferential treatment to one creditor over another.
Transfers with intent to defraud creditors
An agreement in which the debtor agrees to pay the debt even though it could be discharged.