Test Review• Property–Real–Personal–Intellectual

• Bankruptcy– Chapter 7– Chapter 11– Chapter 12– Chapter 13

Property Law: Real Property

• Real property: land and anything that is permanently attached to it

• Deed: transfers ownership of real property

Property Law: Real Property

• Eminent domain: –The right of government to take

private land, with compensation to its owners, for public use

Property Law: Real Property

• Landlord: when you own real property and rent it to someone• Lease: an agreement that

established that landlord-tenant relationship• Eviction: when a landlord legally

removes a tenant from the premises

Property Law: Real Property

• Fixtures: items of personal property attached to real property such as built-in stoves, dishwashers, kitchen cabinets, ceiling light fixtures, and wall-to-wall carpeting

• Unless otherwise stated in the lease, fixtures become part of the real property and belong to the landlord, even when installed and paid for by the tenant.

Property Law: Personal Property

• Personal property: anything that can be owned other than real estate

Property Law: Intellectual Property

• Intellectual property: protected by patents, copyrights, and trademarks– Patent: Gives an inventor the exclusive right to

make, use, or sell an invention for 17 years– Copyright: granted to an author, composer, or

artist– Trademark: distinctive mark, symbol, or slogan

used by a business

Bankruptcy Law

• Credit: buy now, pay later

• Creditor: party who sells the good or lends the money

Bankruptcy Law

• Debt: something that is owed or someone is bound to pay

• Debtor: party who buys good on credit or borrows money

Bankruptcy Law

• Debt discharge: when a debt is erased by bankruptcy

• Non-dischargeable debts: debts that cannot be erased by bankruptcy

• Bankruptcy exemptions: assets that can be kept by the debtor

Bankruptcy

• Warning signs of debt problems:• Making only the minimum monthly payment and

struggling to make that• Missing loan payments or paying late• Receiving second or third payment due notices• Borrowing money to pay off old debt• Exceeding the credit limit on credit cards• Being denied credit because of a bad credit report

Bankruptcy

• Debts that cannot be discharged by bankruptcy:–Student loans–Back taxes–Alimony–Child support–Debts caused by debtors’ fraud

Bankruptcy

•How long does a bankruptcy remain on your credit report?–7 years

Bankruptcy

• Chapter 7: Ordinary bankruptcy

–Clean Slate

–Total liquidation of debt (except the ones that cannot be discharged)

Bankruptcy

• Chapter 11–Reorganization–Used when a debtor, usually a

business, wants to continue operating but needs to reorganize and liquidate debts

Bankruptcy

• Chapter 12–Family farmer debt adjustment–Needs a debt adjustment to

keep the farm running

Bankruptcy

• Chapter 13–Individual Debt Adjustment–Used when an individual with a

steady income voluntarily decides to adopt a debt adjustment plan