Question 1

Generally,filing bankruptcy stops the collection activity of creditors.

Accepted Answer

A) True 
 B)False

Question 2

Esmeralda is a debtor in a Chapter 7 bankruptcy proceeding.Which of the following is not a duty of Esmeralda under Chapter 7?

Accepted Answer

A)  To undergo credit counseling with an approved agency before filing. 
B)  To provide a repayment schedule for the debt owed to each creditor listed on the creditor list. 
C)  To provide a list of all her assets and debts. 
D)  To provide a schedule of all her income and expenditures. 
A)  To undergo credit counseling with an approved agency before filing. 
B)  To provide a repayment schedule for the debt owed to each creditor listed on the creditor list. 
C)  To provide a list of all her assets and debts. 
D)  To provide a schedule of all her income and expenditures.

Question 3

Under all chapters of the Bankruptcy Code,most of the debtor's assets are distributed to creditors and the debtor has no obligation to share future earnings with creditors.

Accepted Answer

A) True 
 B)False

Question 4

Individual debtors are allowed to keep some assets in a Chapter 7 bankruptcy.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is a requirement for an involuntary Chapter 7 bankruptcy petition?

Accepted Answer

A)  The debtor must owe at least $150,000 in unsecured claims to the creditors who file. 
B)  The debtor must have at least three creditors join in the petition if the debtor has 12 or more creditors. If the debtor has fewer than 12 creditors, any single creditor or group can file a petition. 
C)  The creditors must have tried to help the debtor overcome the financial difficulties. 
D)  The debtor must have a majority of the creditors file the petition. 
A)  The debtor must owe at least $150,000 in unsecured claims to the creditors who file. 
B)  The debtor must have at least three creditors join in the petition if the debtor has 12 or more creditors. If the debtor has fewer than 12 creditors, any single creditor or group can file a petition. 
C)  The creditors must have tried to help the debtor overcome the financial difficulties. 
D)  The debtor must have a majority of the creditors file the petition.

Exam 37: Bankruptcy

Generally,filing bankruptcy stops the collection activity of creditors.

Esmeralda is a debtor in a Chapter 7 bankruptcy proceeding.Which of the following is not a duty of Esmeralda under Chapter 7?

Under all chapters of the Bankruptcy Code,most of the debtor's assets are distributed to creditors and the debtor has no obligation to share future earnings with creditors.

Individual debtors are allowed to keep some assets in a Chapter 7 bankruptcy.

Which of the following is a requirement for an involuntary Chapter 7 bankruptcy petition?

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