Question 1

Before filing for bankruptcy, a consumer-debtor must receive credit counseling.

Accepted Answer

A) True 
 B)False

Question 2

Rodger's creditors try to force him into involuntary bankruptcy. The creditors will be unsuccessful if Rodger​

Accepted Answer

A)  ​owns a business that employs fewer than ten people. 
B)  ​is a farmer. 
C)  ​has a medical condition. 
D)  ​has to pay child support. 
A)  ​owns a business that employs fewer than ten people. 
B)  ​is a farmer. 
C)  ​has a medical condition. 
D)  ​has to pay child support.

Question 3

Fact Pattern 22-1
Robin's home is in a state that has a $60,000 homestead exemption. Robin defaults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000.
-Refer to Fact Pattern 22-1. Suburban Mortgage may recover​

Accepted Answer

A)  ​$0. 
B)  ​$60,000. 
C)  ​$100,000. 
D)  ​$120,000. 
A)  ​$0. 
B)  ​$60,000. 
C)  ​$100,000. 
D)  ​$120,000.

Question 4

Fact Pattern 22-1
Robin's home is in a state that has a $60,000 homestead exemption. Robin defaults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000.
-Refer to Fact Pattern 22-1. If Suburban Mortgage recovers less than it is owed, it can realize the difference from​

Accepted Answer

A)  ​any property that Robin owns. 
B)  ​only exempt property that Robin owns. 
C)  ​only nonexempt property that Robin owns. 
D)  ​property that any other member of Robin's family owns. 
A)  ​any property that Robin owns. 
B)  ​only exempt property that Robin owns. 
C)  ​only nonexempt property that Robin owns. 
D)  ​property that any other member of Robin's family owns.

Question 5

The basic duty of a trustee is to collect the debtor's property and reduce it to money for distribution.

Accepted Answer

A) True 
 B)False

Question 6

Lindsay operates a sole proprietorship, a corporation, and a partnership. Lindsay wants to obtain relief for her individual debts and the debts of her corporation and partnership. For each of these, Lindsay may file a petition in bankruptcy for relief through​

Accepted Answer

A)  ​a liquidation. 
B)  ​a reorganization. 
C)  ​a repayment plan. 
D)  ​a family-farmer bankruptcy plan. 
A)  ​a liquidation. 
B)  ​a reorganization. 
C)  ​a repayment plan. 
D)  ​a family-farmer bankruptcy plan.

Question 7

Bankruptcy proceedings are held in state courts.

Accepted Answer

A) True 
 B)False

Question 8

To adjust debt and institute a repayment plan, Bianca-who is not a corporation, a partnership, or a family farmer or fisherman-may file a petition in bankruptcy for relief through​

Accepted Answer

A)  ​a liquidation. 
B)  ​a reorganization. 
C)  ​a repayment plan. 
D)  ​a straight bankruptcy plan. 
A)  ​a liquidation. 
B)  ​a reorganization. 
C)  ​a repayment plan. 
D)  ​a straight bankruptcy plan.

Question 9

Harold files a bankruptcy petition. The resulting automatic stay will apply to Harold's payments for​

Accepted Answer

A)  ​alimony. 
B)  ​child support. 
C)  ​all of the choices. 
D)  ​a car. 
A)  ​alimony. 
B)  ​child support. 
C)  ​all of the choices. 
D)  ​a car.

Question 10

Foreclosure is the legal process by which a lender repossesses and auctions off property that has secured a loan.

Accepted Answer

A) True 
 B)False

Question 11

The filing of a petition for bankruptcy will automatically stay most legal actions against the debtor.

Accepted Answer

A) True 
 B)False

Question 12

Franco files a petition in bankruptcy. The initial proceeding on this petition will be in​

Accepted Answer

A)  ​a federal bankruptcy court. 
B)  ​a state bankruptcy court. 
C)  ​the highest court in the state in which Franco is located. 
D)  ​the United States Supreme Court. 
A)  ​a federal bankruptcy court. 
B)  ​a state bankruptcy court. 
C)  ​the highest court in the state in which Franco is located. 
D)  ​the United States Supreme Court.

Exam 22: Bankruptcy

Before filing for bankruptcy, a consumer-debtor must receive credit counseling.

Rodger's creditors try to force him into involuntary bankruptcy. The creditors will be unsuccessful if Rodger​

Fact Pattern 22-1 Robin's home is in a state that has a $60,000 homestead exemption. Robin defaults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000. -Refer to Fact Pattern 22-1. Suburban Mortgage may recover​

The basic duty of a trustee is to collect the debtor's property and reduce it to money for distribution.

Lindsay operates a sole proprietorship, a corporation, and a partnership. Lindsay wants to obtain relief for her individual debts and the debts of her corporation and partnership. For each of these, Lindsay may file a petition in bankruptcy for relief through​

Bankruptcy proceedings are held in state courts.

To adjust debt and institute a repayment plan, Bianca-who is not a corporation, a partnership, or a family farmer or fisherman-may file a petition in bankruptcy for relief through​

Harold files a bankruptcy petition. The resulting automatic stay will apply to Harold's payments for​

Foreclosure is the legal process by which a lender repossesses and auctions off property that has secured a loan.

The filing of a petition for bankruptcy will automatically stay most legal actions against the debtor.

Franco files a petition in bankruptcy. The initial proceeding on this petition will be in​

The Legal Environment

Constitutional Law

Courts and Alternative Dispute Resolution

Tort Law

Product Liability

Intellectual Property Rights

Internet Law, Social Media, and Privacy

Criminal Law and Cyber Crime

Business Ethics

Nature and Classification

Agreement

Consideration, Capacity, and Legality

Defenses to Contract Enforceability

Third Party Rights and Discharge

Breach and Remedies

International Law in a Global Economy

The Formation of Sales and Lease Contracts

Performance and Breach of Sales and Lease Contracts

Negotiable Instruments

Banking in the Digital Age

Security Interests and Creditors Rights

Agency Relationships in Business

Employment, Immigration, and Labor Law

Employment Discrimination

Sole Proprietorships and Private Franchises

All Forms of Partnership

Limited Liability Companies and Special Business Forms

Corporations

Investor Protection, Insider Trading, and Corporate Governance

Antitrust Law and Promoting Competition

Consumer and Environmental Law

Liability of Accountants and Other Professionals

Personal Property and Bailments

Real Property and Landlord-Tenant Law

Insurance, Wills, and Trusts

Filters

Rodger's creditors try to force him into involuntary bankruptcy. The creditors will be unsuccessful if Rodger

Fact Pattern 22-1 Robin's home is in a state that has a $60,000 homestead exemption. Robin defaults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000. -Refer to Fact Pattern 22-1. Suburban Mortgage may recover

Lindsay operates a sole proprietorship, a corporation, and a partnership. Lindsay wants to obtain relief for her individual debts and the debts of her corporation and partnership. For each of these, Lindsay may file a petition in bankruptcy for relief through

To adjust debt and institute a repayment plan, Bianca-who is not a corporation, a partnership, or a family farmer or fisherman-may file a petition in bankruptcy for relief through

Harold files a bankruptcy petition. The resulting automatic stay will apply to Harold's payments for

Franco files a petition in bankruptcy. The initial proceeding on this petition will be in