Rights and Duties of Debtors and Creditors Flashcards Preview

A Wiley Review Notes REG > Rights and Duties of Debtors and Creditors > Flashcards

Flashcards in Rights and Duties of Debtors and Creditors Deck (12)
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1
Q

Fraudulent Conveyance of property

A

is done with intent to

1) defraud the creditor
2) hinder/delay
3) put the property out of reach

2
Q

Ways to commit Fraudulent Conveyance

A

1) Maintain possesion of property
2) secretly transfer/hide property
3) retain an interest

3
Q

Homestead exemption

A

can exempt certain property from post-judgement collections by a creditor

4
Q

What does the homestead exemption protect against

A

General Creditors and the Bankruptcy Trustee

5
Q

What doesn’t the homestead exemption protect against

A

Secured Creditors or Lein Holders

6
Q

Under garnishment procedures

A

creditors may attach a portion of debtor wages to pay off a debt

7
Q

Federal Fair Debt Collection Practices Act

A

was passed to prevent collectors from using abusive collection methods

8
Q

Who enforces the Federal Fair Debt Collection Practices Act?

A

Federal Trade Commission

9
Q

Citizens can

A

Sue for violation of the Federal Fair Debt Collection Practices Act or receive up to $1,000 for violation if Damages are not proven

10
Q

Liens

A

are used by the creditor to secure payment

11
Q

For any lien the debtor

A

is entitles to a notice prior to selling property to satisfy debt

12
Q

A writ of attachment

A

is used when a collect wishes to collect a past due debt from the debtor

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