Exam 38: Bankruptcypart Ix: Regulation of Business

In a Chapter 7 proceeding, an unsecured creditor who files a claim with the court after the deadline because he is too busy planning and going on a vacation would be totally unable to collect.

Which of the following claims will be paid first from the debtor's estate under Chapter 7?

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

The 1994 amendments allow the creditors to elect a trustee in a Chapter 11 proceeding if the court orders the appointment of a trustee for cause.

Chapter 3 of the Bankruptcy Code contains provisions dealing with the commencement of a case in bankruptcy.

The Bankruptcy Code grants to U.S.District Courts original and exclusive jurisdiction over all bankruptcy cases.

John's brother, Phil, loaned him $10,000 to start his business.John didn't do too well and planned to file for bankruptcy.In May, he gave Phil his car worth $8,000 to satisfy the debt.John filed his petition in November.After liquidation, if the car were included in his assets, every unsecured debtor would have received 85% of the debt owing to him.Will this be a voidable preference?

Ken 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 Ken's status? He has a (n):

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

A debtor may not convert a Chapter 7 case to a Chapter 11 or 13 case.

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

A receiver is a disinterested person appointed at the discretion of the court to manage, liquidate, and conserve assets of a debtor.

Within each federal district court is established a bankruptcy court staffed by bankruptcy judges.

While certain debts of an individual are not dischargeable under Chapters 7, 11, and 12, all debts are dischargeable under Chapter 13's "hardship discharge" provisions.

A composition would bind all of the debtor's creditors to the settlement.

A private employer:

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

All of the following are dischargeable in bankruptcy EXCEPT:

Any person eligible to be a debtor under a given bankruptcy proceeding may file a voluntary petition, but must be insolvent to do so.

Alimony and support payments owed to the debtor who files bankruptcy are part of the bankruptcy estate that can be distributed to the debtor's creditors for the payment of allowed claims filed with the bankruptcy court.