Exam 38: Bankruptcy

Fritz is seriously considering bankruptcy because he has a large number of outstanding debts,the principal ones of which are as follows: (1)he owes his ex-wife $25,000 in back alimony and child support; (2)he owes $20,000 in guaranteed student loans; (3)he has a lawsuit pending against him in which his ex-girlfriend is asking for $50,000 in damages (the suit is based upon the intentional tort of battery and arises from an incident in which Fritz got mad at his girlfriend and hit her);and (4)he owes the First Bank $20,000 for the loan securing his new sports car.Should Fritz file for bankruptcy?

One creditor of a debtor may file a bankruptcy petition as long as the debtor owes him more than $5,000 in unsecured claims.

A receiver is a disinterested person who collects and preserves the debtor's assets and income and disposes of them at the direction of the court which appointed the receiver.

The court will order the appointment of a trustee in a Chapter 11 proceeding only for cause or if the appointment is in the interests of creditors or equity security holders.

A court will not grant a discharge under Chapter 7 to a debtor who:

An automatic stay will prevent a creditor from creating a lien against the debtor's property.

The 1994 amendments to the Bankruptcy Code require that the U.S.Judicial Conference adjust for inflation the dollar amounts of certain provisions of the Code every:

The bankruptcy court may dismiss a:

A trustee in bankruptcy may avoid which of the following?

An involuntary petition in bankruptcy:

Under exemptions in the Bankruptcy Code,a debtor may keep both $23,675 in equity in a residence and up to $3,775 in equity in a motor vehicle.

A transfer of debtor's property includes:

A court may confirm a Chapter 11 plan of reorganization that is not accepted by all classes of creditors if:

All but which one of the following would be exempt from bankruptcy under the federal law?

Which chapter of the Bankruptcy Code allows for the adjustment of debts of an individual with regular income?

No private employer may terminate the employment of or discriminate with respect to employment against an individual solely because he is or has been a debtor under the Bankruptcy Code.

All of the following are dischargeable in bankruptcy EXCEPT:

Voidable preferences include all of the following EXCEPT:

Once a Chapter 13 plan has been confirmed,it may:

The estate of a debtor includes wages earned after commencement of a Chapter 7 liquidation proceeding.