Exam 28: Bankruptcy and Reorganization

Sam wants to file a petition for bankruptcy.Which of the following is true in this context?

Bankruptcy petitions cannot be filed by the debtor without the assistance of an attorney or filing service.

A means test is used to determine whether ________.

The 2005 act requires an attorney certification whereby an attorney who represents a client in bankruptcy must certify the accuracy of the information contained in the bankruptcy petition.

Briefly explain the Chapter 11 plan of reorganization.

A creditor's action of perfecting liens against a debtor's property cannot be stayed.

The ________ is a bankruptcy rule that applies to a debtor who has a median family income that exceeds the state's median family income for families the same size as the debtor's family.

A voluntary petition is a petition filed by a creditor that states that the debtor has paid his debts.

In a meeting of the creditors,the bankruptcy judge questions the debtor.

What is a homestead exemption?

Liquidation is a form of bankruptcy in which the debtor's exempt property is auctioned.

How does a court order to discharge debts benefit the debtor? Under what circumstances do courts grant a discharge?

Under Chapter 13,a debtor retains more property than is exempt under Chapter 7 liquidation.

The bankruptcy judge cannot attend the first meeting of the creditors.

A bankruptcy trustee is a legal representative of a creditor's claim to an estate.

A person filing for bankruptcy under Chapter 11 and left in place to operate the business during the reorganization proceeding is known as the ________.

Which of the following does a Chapter 11 automatic stay provide?

Exempt property may not be retained by a debtor who files for bankruptcy.

Gifts that a debtor is entitled to receive within 180 days after a bankruptcy petition is filed are part of the debtor's bankruptcy estate.

A proof of claim is a document required to be filed by a creditor that states the amount of his or her claim against the debtor.