Question 1

A debtor filing for bankruptcy who is represented by an attorney need not be investigated or verified.

Accepted Answer

A) True 
 B)False

Question 2

A reaffirmation agreement is an agreement whereby a creditor agrees to discharge the debtor of certain debts that may be included in the bankruptcy.

Accepted Answer

A) True 
 B)False

Question 3

________ is a rehabilitation form of bankruptcy that permits bankruptcy courts to supervise the debtor's plan for the payment of unpaid debts in installments over the plan period.

Accepted Answer

A) Chapter 7 
B) Chapter 13 
C) Chapter 11 
D) Chapter 12 
A) Chapter 7 
B) Chapter 13 
C) Chapter 11 
D) Chapter 12

Question 4

Unpaid debts that the debtor incurred prior to the date of the order for relief are discharged under Chapter 7.

Accepted Answer

A) True 
 B)False

Question 5

If the value of the collateral securing a secured loan is less than the secured interest,the secured creditor is an oversecured creditor.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is true of bankruptcy law in the United States?

Accepted Answer

A) The 1978 bankruptcy law made it easier for debtors to be relieved of much of their debt. 
B) The 1978 bankruptcy law was deemed to be "creditor friendly." 
C) The bankruptcy act of 2005 makes it easier for debtors to be relieved of their debts under federal bankruptcy law. 
D) The 2005 bankruptcy act has been called "debtor friendly." 
A) The 1978 bankruptcy law made it easier for debtors to be relieved of much of their debt. 
B) The 1978 bankruptcy law was deemed to be "creditor friendly." 
C) The bankruptcy act of 2005 makes it easier for debtors to be relieved of their debts under federal bankruptcy law. 
D) The 2005 bankruptcy act has been called "debtor friendly."

Question 7

What is liquidation? How does the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 affect the process of liquidation?

Accepted Answer

In liquidation,the debtor is permitted t

Question 8

A(n)________ provision is a provision whereby the court confirms a plan of reorganization over an objecting class of creditors if certain requirements are met.

Accepted Answer

A) cram-down 
B) acceptance 
C) discharge 
D) liquidation 
A) cram-down 
B) acceptance 
C) discharge 
D) liquidation

Question 9

Which of the following chapters of the bankruptcy code deals with adjustment of debts of a family farmer or fishermen with regular income?

Accepted Answer

A) Chapter 7 
B) Chapter 12 
C) Chapter 11 
D) Chapter 13 
A) Chapter 7 
B) Chapter 12 
C) Chapter 11 
D) Chapter 13

Question 10

Chapter 13 discharges are granted to debtors before their plans of payment begin.

Accepted Answer

A) True 
 B)False

Question 11

An order of relief occurs upon the filing of either a voluntary petition or an unchallenged involuntary petition.

Accepted Answer

A) True 
 B)False

Question 12

A complaint is a document filed with a bankruptcy court that starts a bankruptcy proceeding.

Accepted Answer

A) True 
 B)False

Question 13

The Bankruptcy Reform Act of 1978 made it easier for debtors to file for bankruptcy and have their unpaid debts discharged.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is true of the meeting of the creditors?

Accepted Answer

A) A meeting of the creditors is called before the court grants an order for relief. 
B) The bankruptcy judge cannot attend the meeting of the creditors. 
C) In the first meeting of the creditors, a debtor is questioned by a jury constituted for the purpose. 
D) Questions regarding the debtor's possible concealment of assets are not permitted during the meeting of the creditors. 
A) A meeting of the creditors is called before the court grants an order for relief. 
B) The bankruptcy judge cannot attend the meeting of the creditors. 
C) In the first meeting of the creditors, a debtor is questioned by a jury constituted for the purpose. 
D) Questions regarding the debtor's possible concealment of assets are not permitted during the meeting of the creditors.

Question 15

The filing of either a voluntary petition or an unchallenged involuntary petition constitutes a(n)________.

Accepted Answer

A) prayer for relief 
B) discharge 
C) order for relief 
D) composition 
A) prayer for relief 
B) discharge 
C) order for relief 
D) composition

Question 16

Which of the following is true of Chapter 11 of the Bankruptcy Code?

Accepted Answer

A) Chapter 11 is a rehabilitation form of bankruptcy that permits bankruptcy courts to supervise the debtor's plan for the payment of unpaid debts. 
B) The filing of a Chapter 11 petition immediately enables creditors to recover the debtor's property. 
C) Chapter 11 helps the debtor reorganize with a new capital structure so that the debtor emerges from bankruptcy as a viable concern. 
D) Chapter 11 does not permit a debtor to reject executory contracts or unexpired leases. 
A) Chapter 11 is a rehabilitation form of bankruptcy that permits bankruptcy courts to supervise the debtor's plan for the payment of unpaid debts. 
B) The filing of a Chapter 11 petition immediately enables creditors to recover the debtor's property. 
C) Chapter 11 helps the debtor reorganize with a new capital structure so that the debtor emerges from bankruptcy as a viable concern. 
D) Chapter 11 does not permit a debtor to reject executory contracts or unexpired leases.

Question 17

Which of the following is a feature of a Chapter 11 plan of reorganization?

Accepted Answer

A) an equilateral division of the Chapter 11 estate among all creditors 
B) division of the bankruptcy estate according to the debt to be paid to each creditor 
C) discharge of a debtor's unsecured debts and payment of secured debts 
D) a proposed new capital structure for a debtor to assume when it emerges from Chapter 11 bankruptcy 
A) an equilateral division of the Chapter 11 estate among all creditors 
B) division of the bankruptcy estate according to the debt to be paid to each creditor 
C) discharge of a debtor's unsecured debts and payment of secured debts 
D) a proposed new capital structure for a debtor to assume when it emerges from Chapter 11 bankruptcy

Question 18

Which of the following would be part of the bankruptcy estate of a debtor?

Accepted Answer

A) interest in jewelry worth $1,000 
B) unmatured life insurance policy owned by the debtor 
C) interests in wrongful death benefits 
D) interest of $3,500 in a motor vehicle 
A) interest in jewelry worth $1,000 
B) unmatured life insurance policy owned by the debtor 
C) interests in wrongful death benefits 
D) interest of $3,500 in a motor vehicle

Question 19

Which of the following is true of Chapter 13 discharge?

Accepted Answer

A) It is granted before a Chapter 13 plan of payment is enforced. 
B) It is not granted if the debtor has received Chapter 7 discharge in the last four years. 
C) It is granted only for the secured unpaid debts of a debtor. 
D) All unpaid taxes are discharged under Chapter 13 discharge. 
A) It is granted before a Chapter 13 plan of payment is enforced. 
B) It is not granted if the debtor has received Chapter 7 discharge in the last four years. 
C) It is granted only for the secured unpaid debts of a debtor. 
D) All unpaid taxes are discharged under Chapter 13 discharge.

Question 20

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that before an individual debtor receives a discharge in a Chapter 7 or Chapter 13 bankruptcy,the debtor must attend a personal financial management course approved by the U.S.Trustee.

Accepted Answer

A) True 
 B)False

Exam 28: Bankruptcy and Reorganization

A debtor filing for bankruptcy who is represented by an attorney need not be investigated or verified.

A reaffirmation agreement is an agreement whereby a creditor agrees to discharge the debtor of certain debts that may be included in the bankruptcy.

________ is a rehabilitation form of bankruptcy that permits bankruptcy courts to supervise the debtor's plan for the payment of unpaid debts in installments over the plan period.

Unpaid debts that the debtor incurred prior to the date of the order for relief are discharged under Chapter 7.

If the value of the collateral securing a secured loan is less than the secured interest,the secured creditor is an oversecured creditor.

Which of the following is true of bankruptcy law in the United States?

What is liquidation? How does the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 affect the process of liquidation?

A(n)________ provision is a provision whereby the court confirms a plan of reorganization over an objecting class of creditors if certain requirements are met.

Which of the following chapters of the bankruptcy code deals with adjustment of debts of a family farmer or fishermen with regular income?

Chapter 13 discharges are granted to debtors before their plans of payment begin.

An order of relief occurs upon the filing of either a voluntary petition or an unchallenged involuntary petition.

A complaint is a document filed with a bankruptcy court that starts a bankruptcy proceeding.

The Bankruptcy Reform Act of 1978 made it easier for debtors to file for bankruptcy and have their unpaid debts discharged.

Which of the following is true of the meeting of the creditors?

The filing of either a voluntary petition or an unchallenged involuntary petition constitutes a(n)________.

Which of the following is true of Chapter 11 of the Bankruptcy Code?

Which of the following is a feature of a Chapter 11 plan of reorganization?

Which of the following would be part of the bankruptcy estate of a debtor?

Which of the following is true of Chapter 13 discharge?

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that before an individual debtor receives a discharge in a Chapter 7 or Chapter 13 bankruptcy,the debtor must attend a personal financial management course approved by the U.S.Trustee.

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

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Secured Transactions

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Liability of Principals, agents, and Independent Contractors

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