Question 1

Renee's voluntary petition for bankruptcy is found to be proper. The order for relief is effective as soon as​

Accepted Answer

A)  ​she files the petition. 
B)  ​she posts a bond to cover the costs of the proceedings. 
C)  ​her creditors agree to the terms. 
D)  ​the trustee collects and distributes the property of her estate. 
A)  ​she files the petition. 
B)  ​she posts a bond to cover the costs of the proceedings. 
C)  ​her creditors agree to the terms. 
D)  ​the trustee collects and distributes the property of her estate. A

Question 2

An order for relief in a bankruptcy proceeding amounts to a discharge of the debts of the party petitioning for bankruptcy protection.

Accepted Answer

A) True 
 B)False  True

Question 3

The clerk of a bankruptcy court must provide consumer-debtors with information on the types of services available from credit counseling agencies.

Accepted Answer

A) True 
 B)False  True

Question 4

Teri files a petition for bankruptcy. Her creditors must file with the court their proof of claims against her assets within​

Accepted Answer

A)  ​fifteen days of the order for relief. 
B)  ​thirty days of the filing of the petition. 
C)  ​sixty days of the automatic stay. 
D)  ​ninety days of the creditors' meeting. 
A)  ​fifteen days of the order for relief. 
B)  ​thirty days of the filing of the petition. 
C)  ​sixty days of the automatic stay. 
D)  ​ninety days of the creditors' meeting.

Question 5

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

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 6

Payments under aChapter 13 plan must be completed within three to five years, depending on the debtor's family income.

Accepted Answer

A) True 
 B)False

Question 7

Bess wishes to appeal a decision of a bankruptcy court. Bess may appeal to​

Accepted Answer

A)  ​no court-there is no appeal from a bankruptcy court decision. 
B)  ​a federal district court. 
C)  ​the U.S. Supreme Court. 
D)  ​a state intermediate appellate court. 
A)  ​no court-there is no appeal from a bankruptcy court decision. 
B)  ​a federal district court. 
C)  ​the U.S. Supreme Court. 
D)  ​a state intermediate appellate court.

Question 8

A student loan is discharged underChapter 13 unless the creditor can show "undue hardship."

Accepted Answer

A) True 
 B)False

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)  ​none of the choices. 
D)  ​a car. 
A)  ​alimony. 
B)  ​child support. 
C)  ​none of the choices. 
D)  ​a car.

Question 10

An involuntary bankruptcy occurs when a debtor's creditors are forced to accept a discharge of the debtor's debts.

Accepted Answer

A) True 
 B)False

Question 11

In a repayment plan case, the plan must provide for payment of all claims in full, whether or not they are entitled to priority.

Accepted Answer

A) True 
 B)False

Question 12

Milos files a petition in bankruptcy. His dischargeable debts include​

Accepted Answer

A)  domestic-support obligations. 
B)  ​student loans unless the lender would suffer undue hardship. 
C)  ​court costs, trustee fees, and attorney's fees associated with the bankruptcy. 
D)  ​unsecured credit-card debt. 
A)  domestic-support obligations. 
B)  ​student loans unless the lender would suffer undue hardship. 
C)  ​court costs, trustee fees, and attorney's fees associated with the bankruptcy. 
D)  ​unsecured credit-card debt.

Question 13

To supply false information on official bankruptcy schedules is a crime.

Accepted Answer

A) True 
 B)False

Question 14

Matt files a petition for a discharge in bankruptcy. His failure to appear at a meeting of the creditors listed in his schedules may result in him being​

Accepted Answer

A)  ​denied a discharge of bankruptcy. 
B)  ​fined. 
C)  ​held in contempt. 
D)  ​imprisoned. 
A)  ​denied a discharge of bankruptcy. 
B)  ​fined. 
C)  ​held in contempt. 
D)  ​imprisoned.

Question 15

A preference occurs when a debtor transfers property or money favoring one creditor over others.

Accepted Answer

A) True 
 B)False

Question 16

Zeke files a petition for bankruptcy underChapter 13. Zeke'sChapter 13 plan must provide for​

Accepted Answer

A)  ​the turnover of his future income to the trustee. 
B)  ​his attendance at a credit-counseling briefing. 
C)  ​adequate means for the petition's execution. 
D)  ​a preference for one creditor over another. 
A)  ​the turnover of his future income to the trustee. 
B)  ​his attendance at a credit-counseling briefing. 
C)  ​adequate means for the petition's execution. 
D)  ​a preference for one creditor over another.

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Patty files a petition in bankruptcy. At the moment of filing​

Accepted Answer

A)  ​an automatic stay goes into effect. 
B)  ​Patsy's debts are discharged. 
C)  ​Patsy's petition is dismissed. 
D)  ​Patsy's property is distributed to her creditors. 
A)  ​an automatic stay goes into effect. 
B)  ​Patsy's debts are discharged. 
C)  ​Patsy's petition is dismissed. 
D)  ​Patsy's property is distributed to her creditors.

Question 19

Builders Construction files a voluntary petition for bankruptcy. In listing its assets, Builders intentionally omits certain assets, including plots of undeveloped real estate. After Builders is granted a discharge, Commercial Electric, one of Builders' unsecured creditors whose claims were discharged, learns of the fraud. Commercial Electric can​

Accepted Answer

A)  ​do nothing. 
B)  ​enforce its claim against Builders. 
C)  ​file an involuntary petition for bankruptcy against Builders. 
D)  ​take possession of the stones with or without a breach of the peace. 
A)  ​do nothing. 
B)  ​enforce its claim against Builders. 
C)  ​file an involuntary petition for bankruptcy against Builders. 
D)  ​take possession of the stones with or without a breach of the peace.

Question 20

A trustee has the power to avoid preferences.

Accepted Answer

A) True 
 B)False

Exam 21: Bankruptcy Law

Renee's voluntary petition for bankruptcy is found to be proper. The order for relief is effective as soon as​

An order for relief in a bankruptcy proceeding amounts to a discharge of the debts of the party petitioning for bankruptcy protection.

The clerk of a bankruptcy court must provide consumer-debtors with information on the types of services available from credit counseling agencies.

Teri files a petition for bankruptcy. Her creditors must file with the court their proof of claims against her assets within​

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

Payments under aChapter 13 plan must be completed within three to five years, depending on the debtor's family income.

Bess wishes to appeal a decision of a bankruptcy court. Bess may appeal to​

A student loan is discharged underChapter 13 unless the creditor can show "undue hardship."

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

An involuntary bankruptcy occurs when a debtor's creditors are forced to accept a discharge of the debtor's debts.

In a repayment plan case, the plan must provide for payment of all claims in full, whether or not they are entitled to priority.

Milos files a petition in bankruptcy. His dischargeable debts include​

To supply false information on official bankruptcy schedules is a crime.

Matt files a petition for a discharge in bankruptcy. His failure to appear at a meeting of the creditors listed in his schedules may result in him being​

A preference occurs when a debtor transfers property or money favoring one creditor over others.

Zeke files a petition for bankruptcy underChapter 13. Zeke'sChapter 13 plan must provide for​

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

Patty files a petition in bankruptcy. At the moment of filing​

A trustee has the power to avoid preferences.

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Renee's voluntary petition for bankruptcy is found to be proper. The order for relief is effective as soon as

Teri files a petition for bankruptcy. Her creditors must file with the court their proof of claims against her assets within

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

Bess wishes to appeal a decision of a bankruptcy court. Bess may appeal to

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

Milos files a petition in bankruptcy. His dischargeable debts include

Matt files a petition for a discharge in bankruptcy. His failure to appear at a meeting of the creditors listed in his schedules may result in him being

Zeke files a petition for bankruptcy underChapter 13. Zeke'sChapter 13 plan must provide for

Patty files a petition in bankruptcy. At the moment of filing