Question 1

For bankruptcy purposes, insolvency means that debts are greater than assets.

Accepted Answer

A) True 
 B)False

Question 2

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:

Accepted Answer

A) three years. 
B) five years. 
C) six years. 
D) eight years. 
A) three years. 
B) five years. 
C) six years. 
D) eight years.

Question 3

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 4

Which of the following would be a voidable transfer if made within 90 days of bankruptcy?

Accepted Answer

A) An exchange for new value. 
B) An enabling security interest perfected within 30 days after the debtor receives possession of the property. 
C) A payment made in the ordinary course of business. 
D) A payment made to or for the benefit of a creditor. 
A) An exchange for new value. 
B) An enabling security interest perfected within 30 days after the debtor receives possession of the property. 
C) A payment made in the ordinary course of business. 
D) A payment made to or for the benefit of a creditor.

Question 5

A Chapter 13 plan of reorganization may include all but which one of the following?

Accepted Answer

A) Priority debts must be paid in full unless the debtor waives that right. 
B) The trustee must control future wages. 
C) Assets must be liquidated. 
D) The rights of secured and unsecured creditors may be modified. 
A) Priority debts must be paid in full unless the debtor waives that right. 
B) The trustee must control future wages. 
C) Assets must be liquidated. 
D) The rights of secured and unsecured creditors may be modified.

Question 6

Bankruptcy under Chapter 13 differs from Chapter 11 in that:

Accepted Answer

A) an individual cannot use Chapter 11. 
B) a corporation cannot use Chapter 13. 
C) Chapter 11 cannot be instituted by involuntary petition. 
D) Chapter 13 requires unsecured debts to be less than $100,000. 
A) an individual cannot use Chapter 11. 
B) a corporation cannot use Chapter 13. 
C) Chapter 11 cannot be instituted by involuntary petition. 
D) Chapter 13 requires unsecured debts to be less than $100,000.

Question 7

About half of all bankruptcy petitions are involuntary petitions.

Accepted Answer

A) True 
 B)False

Question 8

Stephens, an employee of bankrupt ABC Company, would be able to receive her $2,000 in unpaid wages earned within 90 days before ABC's filing of the bankruptcy petition and $2,000 in contributions to her employee benefit plans, for a total of $4,000 before any money is paid to Ramsdell, a consumer, to compensate him for a deposit paid to the company for goods which were never delivered because of the company's going bankrupt.

Accepted Answer

A) True 
 B)False

Question 9

The bankruptcy court may dismiss a:

Accepted Answer

A) Chapter 7 case, or in a case filed by an individual debtor whose debts are primarily consumer debts, may with or without the debtor's consent convert the case to a Chapter 11 or 13 case. 
B) Chapter 7 case for cause after notice and a hearing. 
C) Chapter 11 case for cause without notice and a hearing. 
D) Chapter 13 case under no circumstances. 
A) Chapter 7 case, or in a case filed by an individual debtor whose debts are primarily consumer debts, may with or without the debtor's consent convert the case to a Chapter 11 or 13 case. 
B) Chapter 7 case for cause after notice and a hearing. 
C) Chapter 11 case for cause without notice and a hearing. 
D) Chapter 13 case under no circumstances.

Question 10

An assignment for the benefit of creditors requires the creditors' consent

Accepted Answer

A) True 
 B)False

Exam 38: Bankruptcy

For bankruptcy purposes, insolvency means that debts are greater than assets.

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:

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

Which of the following would be a voidable transfer if made within 90 days of bankruptcy?

A Chapter 13 plan of reorganization may include all but which one of the following?

Bankruptcy under Chapter 13 differs from Chapter 11 in that:

About half of all bankruptcy petitions are involuntary petitions.

The bankruptcy court may dismiss a:

An assignment for the benefit of creditors requires the creditors' consent

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature, Formation, and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Protection of Intellectual Property

Antitrust

Consumer Protection

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

51: The Legal Environment Of Business

52: Contracts.

53: Agency.

54: Sales

55: Negotiable Instruments

56: Unincorporated Business Association

57: Corporations

58: Debtor and Creditor Relation

59: Regulation of Business

60: Property.

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