Exam 31: Bankruptcy Law

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

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

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

An individual debtor cannot exempt or exclude any property from the bankruptcy.

Leif files a petition in bankruptcy. Among his debts are un?paid taxes, fines owed to the government, student loans owed to Metro University, and support owed to his ex-wife Nadia. Most likely to be dis?charged are

Luxuro Furniture & Floors, Inc., files a petition in bankruptcy for relief through reorganization. Luxuro's reorganization plan must contain

In putting together a repayment plan under Chapter 13, a debtor must apply the means test to identify the amount of disposable income that will be available to repay creditors.

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

When a debtor has not assets, creditors are notified of the debtor's petition for bankruptcy but are instructed not to file a claim.

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

Felicia goes through an involuntary bankruptcy proceeding. An invol?un?tary bankruptcy occurs when

Exceptions to the automatic stay include investigations by a securities regulatory agency, which can continue despite the suspension of other actions against a debtor the moment a bankruptcy petition is filed.

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

The means test forces more people to file for Chapter 7 bankruptcy rather than gave their debts discharged under Chapter 13.

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

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

Bankruptcy law attempts to balance the rights of the debtors and the creditors.

Sheryl files a petition in bankruptcy. Sheryl's non-dischargeable debts include

The content of a family-fisherman bankruptcy plan is very different from that of a repayment plan.

In a Chapter 13 case, after the debtor has completed all payments, the court grants a discharge of all debts provided for by the repayment plan.