Exam 31: Bankruptcy Law

Only the debtor may file a plan under Chapter 13.

Eligible for relief on a petition in bankruptcy under Chapter 11 is

In a Chapter 7 proceeding if the value of the debtor's estate does not provide sufficient cash to pay all the creditors, it is given back to the debtor.

In a Chapter 11 proceeding, for an individual debtor , the court may order discharge at any time after the plan is confirmed.

A debtor cannot defend against an involuntary bankruptcy petition because that would be contrary to the definition of involuntary .

Under Chapter 13, a plan may provide for the payment of an amount less than 100 percent of the debtor's total obligations.

eGear is a retail seller of phones, TVs, and other consumer electronic equipment. eGear sells Fiona a $2,400 television set on a retail installment security agreement on which she pays $100 down and agrees to pay the balance in equal installments. eGear retains a security interest in the set, and perfects that interest by filing a financing statement. Two months later, Fiona is in default on the payments to eGear and is involuntarily petitioned into bankruptcy by other creditors. Discuss eGear's right to repossess the TV set or to be paid on the debt.

Under Chapter 7, to be entitled to receive a portion of a debtor's estate, each creditor must file a proof of claim with the bankruptcy court within ninety days of

Debts that remain after a liquidation are not discharged, and the debtor retains his or her obligation to pay them.

Any debtor who is eligible for bankruptcy relief under Chapter 7 is eligible under Chapter 11.

A voluntary petition in bankruptcy must include

Construction Inc. wants to agree with its creditors on a plan under which it pays a portion of its debt and is discharged of the rest. To accomplish this goal, the corporation should file a petition in bankruptcy under Chapter 11 for relief through

One of the Bankruptcy Code's main goals is to ensure preferential treatment of certain creditors who are competing for a debtor's assets.

A bankruptcy trustee is accountable for

In a Chapter 7 proceeding, the bankruptcy trustee collects the debtor's estate and reduces it to cash, preserving the interests of the debtor and creditors.

Under the Bankruptcy Code, the means test is used to

Under any chapter of the Bankruptcy Code, failing to file the necessary documents with the debtor's petition for relief can result in

In a Chapter 11 proceeding, the role of a debtor in possession is similar to that of a trustee in a Chapter 7 proceeding.

If all classes of creditors accept the debtor's Chapter 11 plan, the court cannot refuse to confirm it.

All bankruptcy proceedings are conducted in federal bankruptcy courts.