Chapter 7 Bankruptcy question?

John is single. He has a steady job earning $35K/ yr. (Take home pay is $2300/ month).John owns a 2006 Ford F150 pickup truck. (Monthly payments are $300.) The bank which gave him the car loan has a security interest in the truck. John owes $1500 on the truck loan and is current in his payments. John rents a furnished townhouse on Bangs Lake for $1400/mo. He has outstanding student loans of $15,000, credit card debt of $16000 and unpaid medical bills of $9000. He also owes the IRS $5400 from the 2007 tax year and a jewelry store $1500 on an installment note for a gold watch he bought. The jewel has a security interest in the watch. Finally, he has monthly child support payments of $500. He is $5000 behind on these. He eats out about 3 nights a week, spends money (very little) on his girlfriend, plays golf once a week in the warm months and goes on 3 or 4 ski weekends a year (mostly in Wisconsin). He stops for an hour or two at his favorite bar almost every evening. Johns assets include the truck (worth about $10,000), jet skis (paid for, worth $4000), a laptop (he needs it for his job; its worth about $600), ski equipment worth $800 and a $1200 keyboard. He also owns 100 shares of stock worth $1500 (These are not part of any retirement plan.) and a gold watch worth $3000. John is thinking of declaring bankruptcy. (I wonder why?) The total costs of the bankruptcy proceeding will be $4000 (including attorneys fees, trustees expenses, etc.) Qs. Prepare a table showing what happens to each of Johns debts and assets if he files Chapter 7 bankruptcy. What property does he get to keep? How much does each creditor get? Are there any debts which wont be discharged? What happens if John forgets to list a $3000 medical bill from the Boston Medical Group when he provides the court with his schedule of debts? for purposes of the homework assignment just assume that he can file under Chapter 7

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