OF TERMS - PAGE 7
— Certain property belonging to the debtor is allowed to be
excluded from the bankruptcy. The Bankruptcy Code sets forth
guidelines where property can be exempted. This means the debtor
is allowed to keep certain property in order to have a “fresh
start.” The Bankruptcy Code also sets forth provisions allowing
each state to create their own exemptions. The debtor usually has
the option to choose which exemptions will be followed, the
exemptions designed by the state in which he resides, or the
federal exemptions set forth in the Bankruptcy Code.
— Likelihood of being successfully completed.
— To take back legal title to and possession of property.
Intentional misrepresentation or deceit by the debtor. For
example, false information given in bankruptcy schedules, an
inaccurate income statement or a false social security number on a
credit card application. Proof of fraud usually involves proving
the debtor’s intent at the time.