Question 1

How are debts categorized in Chapter 13?

Accepted Answer

Debts should be categorized as secured, unsecured, or priority unsecured.

Question 2

What is a Notice of Deficiency Filing?

Accepted Answer

Notice of Deficiency Filing can be filed by the clerk's or trustee's office and it is a notice that documents are missing.

Question 3

What is a bare-bones petition?

Accepted Answer

90. A bare bones petition is a petition filed with the basic information. It's sometimes done by pro se debtors that are trying to take advantage of the automatic stay or by bankruptcy attorneys who did not have sufficient time to complete the petition. However, any information missing, will have to be included later on by amending the petition.

Question 4

Due to a divorce, John filed for Chapter 13 bankruptcy and received his discharge five years ago. But now, due to the economy, John wishes to file for Chapter 7 bankruptcy. Can he do so?

Accepted Answer

The answer of Due to a divorce, John filed for...

Question 5

Describe a Chapter 20 bankruptcy and why it would be filed.

Accepted Answer

The answer of Describe a Chapter 20 bankruptcy and why...

Question 6

Fred filed for Chapter 13, and at the 341 Meeting of Creditors, the trustee states that the payment plan was calculated incorrectly.

Accepted Answer

A)  Fred's case will be dismissed, and he will need to wait six months to refile, unless Fred seeks to shorten the prejudice period. 
B)  The payment plan is not due prior to the 341 Meeting, so Fred's case should not be dismissed. 
C)  Fred has five days from the 341 Meeting to file the plan. 
D)  Fred can file a modified plan prior to the confirmation hearing. 
A)  Fred's case will be dismissed, and he will need to wait six months to refile, unless Fred seeks to shorten the prejudice period. 
B)  The payment plan is not due prior to the 341 Meeting, so Fred's case should not be dismissed. 
C)  Fred has five days from the 341 Meeting to file the plan. 
D)  Fred can file a modified plan prior to the confirmation hearing.

Question 7

Attorney's fees in a Chapter 13 case must _________.

Accepted Answer

A)  have fifty percent paid prior to filing. 
B)  have ten percent paid upfront or within ten months, whichever is greater. 
C)  be paid in full within ten months. 
D)  none of the above. 
A)  have fifty percent paid prior to filing. 
B)  have ten percent paid upfront or within ten months, whichever is greater. 
C)  be paid in full within ten months. 
D)  none of the above.

Question 8

A wage deduction order can be waived by requesting it in writing from the trustee?

Accepted Answer

A) True 
 B)False

Question 9

During what time period must attorney's fees be paid in a Chapter 13 plan?

Accepted Answer

A)  Within the first ten months. 
B)  Within eighteen to twenty-four months. 
C)  There is no specific time period except for during the duration of the plan. 
D)  None of the above. 
A)  Within the first ten months. 
B)  Within eighteen to twenty-four months. 
C)  There is no specific time period except for during the duration of the plan. 
D)  None of the above.

Question 10

Once a bankruptcy has been filed, a debtor can't convert it to another chapter.

Accepted Answer

A) True 
 B)False

Question 11

The maximum amount of times a plan can be amended is ________.

Accepted Answer

A)  three times. 
B)  four times. 
C)  every year. 
D)  none of the above. 
A)  three times. 
B)  four times. 
C)  every year. 
D)  none of the above.

Question 12

In what time frame must attorney's fees be paid through the plan.

Accepted Answer

The answer of In what time frame must attorney's fees...

Question 13

A proof of claim for a Chapter 13 is filed

Accepted Answer

A)  within 90 days for creditors. 
B)  within 180 days for government entities. 
C)  All of the above. 
D)  any time prior to discharge. 
E)  None of the above. 
A)  within 90 days for creditors. 
B)  within 180 days for government entities. 
C)  All of the above. 
D)  any time prior to discharge. 
E)  None of the above.

Question 14

Because Chapter 13 cases require a Confirmation Hearing, the 341 Meeting can be waived by the debtor in writing in order to save time and money.

Accepted Answer

A) True 
 B)False

Question 15

Can a debtor dismiss a Chapter 13 and negotiate with creditors any outstanding debt?

Accepted Answer

A) True 
 B)False

Question 16

What is the purpose of a wage deduction order?

Accepted Answer

The answer of What is the purpose of a wage...

Question 17

Describe the three options for payment in Chapter 13.

Accepted Answer

The answer of Describe the three options for payment in...

Question 18

The debtor can't afford to fund the plan with equal payments each month. However, the debtor receives a substantial bonus at the end of each calendar year. The best option is to

Accepted Answer

A)  file a 341 plan. 
B)  file a step plan. 
C)  file a Marshall plan. 
D)  none of the above. 
A)  file a 341 plan. 
B)  file a step plan. 
C)  file a Marshall plan. 
D)  none of the above.

Question 19

What is a step plan?

Accepted Answer

A step plan is a pla

Exam 20: Filing a Bankruptcy Petition

How are debts categorized in Chapter 13?

What is a Notice of Deficiency Filing?

What is a bare-bones petition?

Due to a divorce, John filed for Chapter 13 bankruptcy and received his discharge five years ago. But now, due to the economy, John wishes to file for Chapter 7 bankruptcy. Can he do so?

Describe a Chapter 20 bankruptcy and why it would be filed.

Fred filed for Chapter 13, and at the 341 Meeting of Creditors, the trustee states that the payment plan was calculated incorrectly.

Attorney's fees in a Chapter 13 case must _________.

A wage deduction order can be waived by requesting it in writing from the trustee?

During what time period must attorney's fees be paid in a Chapter 13 plan?

Once a bankruptcy has been filed, a debtor can't convert it to another chapter.

The maximum amount of times a plan can be amended is ________.

In what time frame must attorney's fees be paid through the plan.

A proof of claim for a Chapter 13 is filed

Because Chapter 13 cases require a Confirmation Hearing, the 341 Meeting can be waived by the debtor in writing in order to save time and money.

Can a debtor dismiss a Chapter 13 and negotiate with creditors any outstanding debt?

What is the purpose of a wage deduction order?

Describe the three options for payment in Chapter 13.

The debtor can't afford to fund the plan with equal payments each month. However, the debtor receives a substantial bonus at the end of each calendar year. The best option is to

What is a step plan?

The History of Bankruptcy Law

Overview of the Bankruptcy Code

Summary of Chapter 7 Versus Chapter 13

The Court System and the Bankruptcy Rules and Procedure

The Bankruptcy Intake

Bankruptcy Intake Continued

Bankruptcy Intake: Employment, Income, and Expenses

Liabilities, and Required Documents

The Bankruptcy Petition

Assets and Liabilities

Schedules AB: Personal Property and C: Exemptions

Schedules of Secured and Unsecured Creditors

Schedule I: Income

Schedule J: Expenses

Statement of Financial Affairs

Understanding Legal Options and Judgments in Debt Cases

Statement of Current Monthly Income

Means Testing Official Form 122A-2

Bankruptcy and Debt: Understanding Hardship Discharge, Lien Stripping, and Cramdowns

Post-Petition Filing

The 341 Meeting of Creditors

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