Question
I am taking Bankruptcy my book is The ABCs of Debt it is for my Paralegal 1200 Classes the fifth edition by Stephen P. Parsons
I am taking Bankruptcy my book is The ABCs of Debt it is for my Paralegal 1200 Classes the fifth edition by Stephen P. Parsons and I do not understand what these 3 questions mean what they are asking for and where I can find the answers to them at can you help, please?
Chapter 6 and 7 Problems
Question 1
1.P-H 7-e: An issue has arisen under the new means test regarding whether a debtor may deduct secured payments for home or vehicles on Line 33 of Form 122A-2 where the debtor intends to surrender such property rather than keep it (as Marta Carlson plans to do per her Debtor's Statement of Intent, which is Document 18 in the Carlson case file). We will consider the surrender of property in more detail in the next chapter, but it essentially means that the debtor intends to stop paying for the property and to relinquish possession of it to the secured creditor. The courts have split on this issue, particularly after the Supreme Court's decision in Ransom, supra. Compare In re Denzin, 534 B.R. 883 (Bankr. E.D. Va. 2015) (deduction for secured debts contractually due allowed despite the intent to surrender since the question of whether a Chapter 7 debtor satisfied the means test or triggered the presumption of abuse is to be decided on the basis of the debtor's financial circumstances as of the date the petition is filed) and In re Byers, 501 B.R. 82 (Bankr. E.D.N.C. 2013) (rejecting the "mechanical approach" that allows the deduction notwithstanding an intent to surrender in favor of a "forward-looking approach" which takes into account "changes in the debtor's income or expenses that are known or virtually certain at the time of confirmation," including the intent to surrender).
The forward-looking approach of Byers is probably the majority rule on this issue but determine if the bankruptcy courts in Georgia through the federal district or circuit have ruled on it then summarize the rule followed in Georgia.
Question 2
1.P-H 7-d: Access the U.S. Trustee Program's website and determine the current IRS national standard for the deduction for a household of 1 adult and 2 children
- food and
- clothing, etc., deduction and
- for the out-of-pocket healthcare expenses
Question 3
1.P-H 6-n: Locate the statutes in Georgia governing the dissolution of a corporation. What is the procedure to be followed by a corporation seeking to dissolve? What notices must be given? What are the timeframes for wind up and distribution? What is the order of priority for the distribution of assets? Can creditors compel an involuntary dissolution under Georgia laws? Can the state itself compel dissolution?
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