Exam 38: Bankruptcy

An involuntary petition for bankruptcy can be filed with respect to a:

Confirmation of a plan for reorganization under Chapter 13 may be given only if:

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

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

Under exemptions in the Bankruptcy Code, a debtor may keep both $22,975 in equity in a residence and up to $3,675 in equity in a motor vehicle.

What is the trustee in bankruptcy and what is the role of the trustee in bankruptcy proceedings? What powers and duties does the trustee have and what sorts of transactions the trustee can attack?

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

A debtor may not receive a discharge under Chapter 7 if he or she received a Chapter 13 discharge within the past six years in most cases.

In a Chapter 13 proceeding, only the debtor may submit a plan of reorganization.

Section 522 of the Bankruptcy Code exempts specified property of an individual debtor from bankruptcy. What are some of these exemptions?

In an assignment for the benefit of creditors, if each creditor is paid an equal share of his original obligation, the debtor is then discharged from any further obligation to the creditor.

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

In bankruptcy law, an insider may be defined as:

In March, Margaret made a loan to Pete for $10,000. Three months later, she began to hear rumors about Pete's failing financial condition. When in July, Pete asked her to loan him an additional $2,000 to buy inventory, Margaret required a security interest in the inventory and also demanded that Pete secure the first loan with his personal automobile. In September, Pete filed for bankruptcy. Will these security interests stand up?

Bankruptcy legislation serves a dual purpose. What are these purposes?

Once a Chapter 13 plan of reorganization is confirmed, the provisions are binding on the debtor and all of his creditors.

Federal district courts may hear all matters collateral to the bankruptcy, even if these matters are not normally permitted to be brought in federal court.

Garnishment cannot be ordered prior to a judgment's being entered.

One type of fraudulent transfer consists of the:

Voidable preferences include all of the following EXCEPT: