Question 1

Certain debtors may not qualify to have all debts discharged in bankruptcy.

Accepted Answer

A) True 
 B)False

Question 2

For individual debtors, the plan in a reorganization case must be completed before a discharge will be granted.

Accepted Answer

A) True 
 B)False

Question 3

Leo files a petition in bankruptcy. Among his debts are unpaid taxes, fines owed to the government, student loans owed to Metro University, and support owed to his ex-wife Nadia. Most likely to be discharged are​

Accepted Answer

A)  back taxes accrued within the previous three years. 
B)  ​fines outstanding less than eight years. 
C)  ​student loans whose payment would impose undue hardship. 
D)  ​spousal-support debts unpaid for more than eighteen months. 
A)  back taxes accrued within the previous three years. 
B)  ​fines outstanding less than eight years. 
C)  ​student loans whose payment would impose undue hardship. 
D)  ​spousal-support debts unpaid for more than eighteen months.

Question 4

Ed 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 the debtor 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 the debtor is located. 
D)  ​the United States Supreme Court.

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Roland files a petition in bankruptcy. After all his assets have been sold and the proceeds distributed among his creditors, Roland's remaining debts​

Accepted Answer

A)  ​are discharged. 
B)  ​paid by the court. 
C)  ​must be paid by Roland. 
D)  ​are put on hold until Roland has sufficient means to pay them. 
A)  ​are discharged. 
B)  ​paid by the court. 
C)  ​must be paid by Roland. 
D)  ​are put on hold until Roland has sufficient means to pay them.

Question 7

Nora files a petition in bankruptcy. She turns her assets over to O'Brien, who sells them and then distributes the proceeds to Nora's creditors. O'Brien is​

Accepted Answer

A)  ​a preferred creditor. 
B)  ​a bankruptcy court judge. 
C)  ​a bankruptcy trustee. 
D)  ​a DIP (debtor in possession). 
A)  ​a preferred creditor. 
B)  ​a bankruptcy court judge. 
C)  ​a bankruptcy trustee. 
D)  ​a DIP (debtor in possession).

Question 8

Sunn Energy, Inc., needs funds to meet its payroll, to make other current operating expenses, and to pay its creditors. Terence, Sunn's only shareholder, loans the company $100,000 and accepts a promissory note signed on behalf of Sunn by Ulrich, the firm's accountant. Sunn's financial problems continue, however, and the firm's creditors file an involuntary petition to force it into bankruptcy. Is Terence entitled to repayment of the loan to Sunn? If so, what is the priority of the claim?

Accepted Answer

Terence is entitled to be repaid the amo

Question 9

Unsecured creditors do not have a vote to confirm aChapter 13 plan.

Accepted Answer

A) True 
 B)False

Question 10

Rulings from bankruptcy courts are final-they cannot be appealed.

Accepted Answer

A) True 
 B)False

Question 11

Wild River Tours Corporation wants to formulate a plan under which it pays a portion of its debts and is discharged of the remainder while continuing in business. To accomplish this goal, Wild River should 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 12

Troy files a petition for bankruptcy. Troy must include with the petition​

Accepted Answer

A)  ​proof of each creditor's claim. 
B)  ​a list of creditors and the amount of the debt owed to each. 
C)  ​all of his debit and credit cards to be disposed of by the court. 
D)  ​an affidavit testifying to his having studied the Bankruptcy Code. 
A)  ​proof of each creditor's claim. 
B)  ​a list of creditors and the amount of the debt owed to each. 
C)  ​all of his debit and credit cards to be disposed of by the court. 
D)  ​an affidavit testifying to his having studied the Bankruptcy Code.

Question 13

Larry has fifteen creditors. To force Larry into bankruptcy proceedings, at least three creditors must join the petition and their unsecured claims must add up to at least​

Accepted Answer

A)  ​$500. 
B)  ​$15,325. 
C)  ​$100,000. 
D)  ​$500,000. 
A)  ​$500. 
B)  ​$15,325. 
C)  ​$100,000. 
D)  ​$500,000.

Question 14

A bankruptcy court may deny a discharge based on a debtor's conduct.

Accepted Answer

A) True 
 B)False

Question 15

If the circumstances indicate bad faith, a court can dismiss a debtors'Chapter 13 petition.

Accepted Answer

A) True 
 B)False

Question 16

Once a discharge is granted, it may not be revoked, even if, for example, a debtor concealed property to defraud a creditor.

Accepted Answer

A) True 
 B)False

Question 17

A bankruptcy estate consists of all the debtor's interests in property currently held, wherever located.

Accepted Answer

A) True 
 B)False

Question 18

The same principles that govern the filing of a liquidation petition apply to reorganization proceedings.

Accepted Answer

A) True 
 B)False

Question 19

Creditors hold judgments on overdue debts against Expert Auto Repair when the debtor receives a discharge in bankruptcy. The discharge will​

Accepted Answer

A)  ​extend the time for payment of the overdue debts. 
B)  ​have no effect on the creditors' judgments. 
C)  ​require creditors to re-file their collection actions. 
D)  ​void any creditor's judgment on a discharged debt. 
A)  ​extend the time for payment of the overdue debts. 
B)  ​have no effect on the creditors' judgments. 
C)  ​require creditors to re-file their collection actions. 
D)  ​void any creditor's judgment on a discharged debt.

Question 20

If a debtor's income is below the median income, there is no presumption of bankruptcy abuse.

Accepted Answer

A) True 
 B)False

Exam 21: Bankruptcy Law

Certain debtors may not qualify to have all debts discharged in bankruptcy.

For individual debtors, the plan in a reorganization case must be completed before a discharge will be granted.

Leo files a petition in bankruptcy. Among his debts are unpaid taxes, fines owed to the government, student loans owed to Metro University, and support owed to his ex-wife Nadia. Most likely to be discharged are​

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

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

Roland files a petition in bankruptcy. After all his assets have been sold and the proceeds distributed among his creditors, Roland's remaining debts​

Nora files a petition in bankruptcy. She turns her assets over to O'Brien, who sells them and then distributes the proceeds to Nora's creditors. O'Brien is​

Unsecured creditors do not have a vote to confirm aChapter 13 plan.

Rulings from bankruptcy courts are final-they cannot be appealed.

Wild River Tours Corporation wants to formulate a plan under which it pays a portion of its debts and is discharged of the remainder while continuing in business. To accomplish this goal, Wild River should file a petition in bankruptcy for relief through​

Troy files a petition for bankruptcy. Troy must include with the petition​

Larry has fifteen creditors. To force Larry into bankruptcy proceedings, at least three creditors must join the petition and their unsecured claims must add up to at least​

A bankruptcy court may deny a discharge based on a debtor's conduct.

If the circumstances indicate bad faith, a court can dismiss a debtors'Chapter 13 petition.

Once a discharge is granted, it may not be revoked, even if, for example, a debtor concealed property to defraud a creditor.

A bankruptcy estate consists of all the debtor's interests in property currently held, wherever located.

The same principles that govern the filing of a liquidation petition apply to reorganization proceedings.

Creditors hold judgments on overdue debts against Expert Auto Repair when the debtor receives a discharge in bankruptcy. The discharge will​

If a debtor's income is below the median income, there is no presumption of bankruptcy abuse.

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Leo files a petition in bankruptcy. Among his debts are unpaid taxes, fines owed to the government, student loans owed to Metro University, and support owed to his ex-wife Nadia. Most likely to be discharged are

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

Roland files a petition in bankruptcy. After all his assets have been sold and the proceeds distributed among his creditors, Roland's remaining debts

Nora files a petition in bankruptcy. She turns her assets over to O'Brien, who sells them and then distributes the proceeds to Nora's creditors. O'Brien is

Wild River Tours Corporation wants to formulate a plan under which it pays a portion of its debts and is discharged of the remainder while continuing in business. To accomplish this goal, Wild River should file a petition in bankruptcy for relief through

Troy files a petition for bankruptcy. Troy must include with the petition

Larry has fifteen creditors. To force Larry into bankruptcy proceedings, at least three creditors must join the petition and their unsecured claims must add up to at least

Creditors hold judgments on overdue debts against Expert Auto Repair when the debtor receives a discharge in bankruptcy. The discharge will