Question 1

If a person's debts are subject to a Chapter 7 discharge,what does it mean?

Accepted Answer

A) that he or she needs to repay only unsecured debts 
B) that he or she needs to repay only secured debts 
C) that he or she needs to pay his prepetition debts with his postpetition income 
D) that he or she need not repay the debt 
A) that he or she needs to repay only unsecured debts 
B) that he or she needs to repay only secured debts 
C) that he or she needs to pay his prepetition debts with his postpetition income 
D) that he or she need not repay the debt

Question 2

Under the 2005 bankruptcy act,if non-exempt personal property of an individual debtor secures a claim or is subject to an unexpired lease,the debtor ________.

Accepted Answer

A) must surrender the property 
B) can appeal for exemption of the property 
C) must terminate the lease with immediate effect 
D) cannot redeem the property 
A) must surrender the property 
B) can appeal for exemption of the property 
C) must terminate the lease with immediate effect 
D) cannot redeem the property

Question 3

A(n)________ provides for the reduction of a debtor's debts.

Accepted Answer

A) extension 
B) liquidation 
C) limitation 
D) composition 
A) extension 
B) liquidation 
C) limitation 
D) composition

Question 4

A composition provides a longer period of time for a debtor to pay his or her debts.

Accepted Answer

A) True 
 B)False

Question 5

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is considered creditor-friendly.

Accepted Answer

A) True 
 B)False

Question 6

An executory contract refers to a contract or lease that has not been fully performed.

Accepted Answer

A) True 
 B)False

Question 7

The bankruptcy courts are part of the federal court system.

Accepted Answer

A) True 
 B)False

Question 8

The median income test is a bankruptcy rule that states that if a debtor's median family income is at or below the state's median family income for a family the same size as the debtor's family,the debtor can receive Chapter 7 relief.

Accepted Answer

A) True 
 B)False

Question 9

The 2005 bankruptcy act provides that after already getting relief under other chapters of the Bankruptcy Code,a debtor can be granted Chapter 7 relief in which of these situations?

Accepted Answer

A) six years following Chapter 11 relief 
B) four years following Chapter 11 relief 
C) six years following Chapter 12 relief 
D) twelve years following Chapter 13 relief 
A) six years following Chapter 11 relief 
B) four years following Chapter 11 relief 
C) six years following Chapter 12 relief 
D) twelve years following Chapter 13 relief

Question 10

Describe the procedure for filing a bankruptcy petition.

Accepted Answer

1. Voluntary petition-A voluntary petiti

Question 11

Which of the following is true of the median income test?

Accepted Answer

A) If a family has median family income equal to the state's median family income, the debtor does not qualify for a Chapter 7 bankruptcy. 
B) If a family has median family income below the state's median family income, the debtor is subject to the "means" test. 
C) If a family has median family income below the state's median family income, the debtor automatically qualifies for a Chapter 7 bankruptcy. 
D) A debtor's debts are not discharged if the family median income is more than the state's median family income. 
A) If a family has median family income equal to the state's median family income, the debtor does not qualify for a Chapter 7 bankruptcy. 
B) If a family has median family income below the state's median family income, the debtor is subject to the "means" test. 
C) If a family has median family income below the state's median family income, the debtor automatically qualifies for a Chapter 7 bankruptcy. 
D) A debtor's debts are not discharged if the family median income is more than the state's median family income.

Question 12

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 makes it more difficult for debtors to file for bankruptcy and have their unpaid debts discharged.

Accepted Answer

A) True 
 B)False

Question 13

Briefly explain what is included in a bankruptcy estate.

Accepted Answer

The bankruptcy estate includes all the d

Question 14

Chapter 7 of the Bankruptcy Code of the bankruptcy act of 2005 primarily deals with ________.

Accepted Answer

A) reorganization 
B) adjustment of debts of a family farmer or fisherman with regular income 
C) adjustment of debts of an individual with regular income 
D) liquidation 
A) reorganization 
B) adjustment of debts of a family farmer or fisherman with regular income 
C) adjustment of debts of an individual with regular income 
D) liquidation

Question 15

Which of the following federal acts substantially amended federal bankruptcy law in 2005?

Accepted Answer

A) Bankruptcy Reform Act 
B) Bankruptcy Abuse Prevention and Consumer Protection Act 
C) the Nelson Act 
D) the Chandler Act 
A) Bankruptcy Reform Act 
B) Bankruptcy Abuse Prevention and Consumer Protection Act 
C) the Nelson Act 
D) the Chandler Act

Question 16

The filing fees for all types of bankruptcy is the same.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is true of a debtor's bankruptcy estate?

Accepted Answer

A) Only intangible personal property constitutes the bankruptcy estate. 
B) No property solely owned by the debtor is exempted from the bankruptcy estate. 
C) Creditors are allowed to claim exempt property. 
D) Government benefits and compensations are exempted from the bankruptcy estate. 
A) Only intangible personal property constitutes the bankruptcy estate. 
B) No property solely owned by the debtor is exempted from the bankruptcy estate. 
C) Creditors are allowed to claim exempt property. 
D) Government benefits and compensations are exempted from the bankruptcy estate.

Question 18

Bankruptcy proceedings are carried out at special U.S.Bankruptcy Courts created by the Congress.

Accepted Answer

A) True 
 B)False

Question 19

An automatic stay refers to the suspension of certain legal actions by creditors against a debtor or the debtor's property.

Accepted Answer

A) True 
 B)False

Question 20

There are separate state and federal bankruptcy laws.

Accepted Answer

A) True 
 B)False

Exam 28: Bankruptcy and Reorganization

If a person's debts are subject to a Chapter 7 discharge,what does it mean?

Under the 2005 bankruptcy act,if non-exempt personal property of an individual debtor secures a claim or is subject to an unexpired lease,the debtor ________.

A(n)________ provides for the reduction of a debtor's debts.

A composition provides a longer period of time for a debtor to pay his or her debts.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is considered creditor-friendly.

An executory contract refers to a contract or lease that has not been fully performed.

The bankruptcy courts are part of the federal court system.

The median income test is a bankruptcy rule that states that if a debtor's median family income is at or below the state's median family income for a family the same size as the debtor's family,the debtor can receive Chapter 7 relief.

The 2005 bankruptcy act provides that after already getting relief under other chapters of the Bankruptcy Code,a debtor can be granted Chapter 7 relief in which of these situations?

Describe the procedure for filing a bankruptcy petition.

Which of the following is true of the median income test?

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 makes it more difficult for debtors to file for bankruptcy and have their unpaid debts discharged.

Briefly explain what is included in a bankruptcy estate.

Chapter 7 of the Bankruptcy Code of the bankruptcy act of 2005 primarily deals with ________.

Which of the following federal acts substantially amended federal bankruptcy law in 2005?

The filing fees for all types of bankruptcy is the same.

Which of the following is true of a debtor's bankruptcy estate?

Bankruptcy proceedings are carried out at special U.S.Bankruptcy Courts created by the Congress.

An automatic stay refers to the suspension of certain legal actions by creditors against a debtor or the debtor's property.

There are separate state and federal bankruptcy laws.

Legal Environment of Business and Online Commerce

Courts and Jurisdiction

Judicial, alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crime

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Digital Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, defenses, and Discharge

Banking System and Electronic Financial Transactions

Credit, mortgages, and Debtors Rights

Secured Transactions

Agency Formation and Termination

Liability of Principals, agents, and Independent Contractors

Employment, worker Protection, and Immigration Law

Labor Law

Equal Opportunity in Employment

Small Business, entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Businesses

Investor Protection, e-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property, real Property, and Insurance

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants Duties and Liability

Wills, trusts, and Estates

Family Law

International and World Trade Law

Filters