Exam 34: Bankruptcy

If there are twelve (12) or more creditors, at least __________ of those creditors whose unsecured and undisputed claims total __________ or more must sign the involuntary petition.

Peter is employed as a shop electrician for ABC, Inc. Peter has a car being repaired and a home on which he is paying mortgage payments. Peter is contemplating filing for bankruptcy, but he is not sure which type of petition to file. Peter also wonders whether the auto repair costs and the mortgage payments are dischargeable. Which bankruptcy filing is most appropriate for Peter? Are Peter's debts dischargeable?

The ______ is merely a comparison of assets to liabilities without considering whether the debtor will be able to meet future obligations as they become due.

An involuntary bankruptcy case is commenced by creditors filing a petition with a bankruptcy court.

An extended time payment plan:

Regardless of whether all debts were disclosed in the petition, all debts are discharged in bankruptcy.

Bankruptcy law does not regulate the manner in which the assets of the debtor are distributed; instead, distribution of the debtor's assets is solely within the discretion of the trustee.

In order to be eligible for Chapter 13 bankruptcy an individual must have secured debts of less than $1,000,000.

The filing of an involuntary bankruptcy case petition results in an order of relief.

A transfer made to a relative 6 months before filing a bankruptcy petition is most likely a preferential transfer.

Certain transfers of property by the debtor to a creditor within 90 days of filing may be set aside by the bankruptcy trustee as __________ transfers, and the transferred property recovered by the trustee.

Where the debtor has fewer than twelve (12) creditors, how many must sign an involuntary petition?

Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a discharge is available only once every ten (10) years.

If a trustee is not elected by creditors, an interim trustee will be appointed by the court.

Under no circumstances may a reorganization plan include executory contracts or collective bargaining agreements.

The debtor will be denied a discharge if:

The status of a trustee in a bankruptcy proceeding is best described as the:

In approximately 50% of all bankruptcies no unsecured creditors receive any payments.

The balance sheet test is merely a comparison of assets to liabilities without considering whether the debtor will be able to meet future obligations as they become due.

An involuntary petition in bankruptcy may not be commenced against: ______.