Question 1

Corey loaned Tori $8,000 and took back a note secured by Tori's car.If Tori files for bankruptcy when the value of the car is $4,500,what is Corey's status? He has:

Accepted Answer

A)  a secured claim for $4,500. 
B)  an unsecured claim for $8,000. 
C)  an unsecured claim for $4,500. 
D)  a secured claim for $8,000. 
A)  a secured claim for $4,500. 
B)  an unsecured claim for $8,000. 
C)  an unsecured claim for $4,500. 
D)  a secured claim for $8,000.

Question 2

Pre-judgment attachment permits a creditor to seize the debtor's property when the defendant:

Accepted Answer

A)  cannot be served with a summons personally. 
B)  has not paid his debts on time. 
C)  has filed for bankruptcy. 
D)  was found guilty of usury. 
A)  cannot be served with a summons personally. 
B)  has not paid his debts on time. 
C)  has filed for bankruptcy. 
D)  was found guilty of usury.

Question 3

The debtor alone decides upon the reorganization plan in Chapter 11 proceedings.

Accepted Answer

A) True 
 B)False

Question 4

Rinda loaned Mark $2,500,which Mark agreed to repay on January 15,2019.If Mark filed a voluntary petition of bankruptcy on August 1,2018,Rinda had a claim as a creditor.

Accepted Answer

A) True 
 B)False

Question 5

A debtor may not file a plan at any time in a Chapter 11 reorganization.

Accepted Answer

A) True 
 B)False

Question 6

Margaret has $3,200 cash after selling off her 52" flat screen television,Blu-Ray player,and laptop computer.She has debts of $4,800 owing to the following creditors: Anna
$900
Bob's Electronics
$1,500
Hyatt's Computing
$2,100
Jordan
$300
If they all agree to a composition agreement,how much will Hyatt's be able to collect?

Accepted Answer

A)  $2,100 
B)  $1,400 
C)  $700 
D)  $1,050 
A)  $2,100 
B)  $1,400 
C)  $700 
D)  $1,050

Question 7

All but which one of the following is a purpose of bankruptcy legislation?

Accepted Answer

A)  To preserve existing business relations 
B)  To punish recalcitrant debtors 
C)  To fairly divide the assets among creditors 
D)  To allow rehabilitation of debtors 
A)  To preserve existing business relations 
B)  To punish recalcitrant debtors 
C)  To fairly divide the assets among creditors 
D)  To allow rehabilitation of debtors

Question 8

In bankruptcy law,an insider may be defined as:

Accepted Answer

A)  a limited partner of the debtor. 
B)  a relative. 
C)  one with inside information on prospective movement of a company's position in the marketplace. 
D)  a spouse or best friend. 
A)  a limited partner of the debtor. 
B)  a relative. 
C)  one with inside information on prospective movement of a company's position in the marketplace. 
D)  a spouse or best friend.

Exam 38: Bankruptcy

Corey loaned Tori $8,000 and took back a note secured by Tori's car.If Tori files for bankruptcy when the value of the car is $4,500,what is Corey's status? He has:

Pre-judgment attachment permits a creditor to seize the debtor's property when the defendant:

The debtor alone decides upon the reorganization plan in Chapter 11 proceedings.

Rinda loaned Mark $2,500,which Mark agreed to repay on January 15,2019.If Mark filed a voluntary petition of bankruptcy on August 1,2018,Rinda had a claim as a creditor.

A debtor may not file a plan at any time in a Chapter 11 reorganization.

All but which one of the following is a purpose of bankruptcy legislation?

In bankruptcy law,an insider may be defined as:

Introduction to Law

Business Ethics and the Social Responsibility of Business

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