Exam 30: Bankruptcy Law

The time for repayment under an individual's Chapter 11 plan is three or five years, depending on the debtor's family income.

A discharge granted to a debtor in a bankruptcy proceeding discharges all of the debtor's debts.

A bankruptcy court looks at a debtor's income to de?termine whether the debtor's petition for bankruptcy consti?tutes substantial abuse.

In a bankruptcy proceeding, if a discharge is denied to a debtor, the credi?tors are denied the distribution of the debtor's assets.

If the assets in a debtor's estate in bankruptcy are insufficient to pay fully all creditors, none of the creditors are paid.

Natural Resources, Inc. (NRI), files for bankruptcy under Chapter 11 and assumes the role of a debtor in possession. In this role, NRI is simi?lar to

Debts based on fraud may be discharged under Chapter 13.

Kipper files a petition in bankruptcy. Kipper's dischargeable debts include

A trustee has the power to avoid a sale of the debtor's property.

Bankruptcy law has one goal-to ensure equitable treatment to creditors who are competing for a debtor's assets.

Bankruptcy law has one goal-to encourage the continued use of credit

Jill believes that she should file a plan for a Chapter 13 discharge in bankruptcy. A Chapter 13 bankruptcy plan must provide for

A petition for a discharge in bankruptcy under Chapter 7 may be filed by

To reorganize debt and continue in business, Sports & Fitness Corporation may file a petition in bankruptcy under the Bankruptcy Code's Chapter

Paula is a debtor. Paula's employer Quality Communications, Inc., her ex-husband Rob, her alma mater State University, and Timely Credit Company are her creditors. For these parties, a repayment plan under Chapter 13 could be filed by

If the assets in a debtor's estate in bankruptcy are insufficient to pay fully all creditors, the debtor is liable for the difference.

A debtor must be insolvent to file a petition for bankruptcy.

The homestead exemption under the Bankruptcy Code is unlimited.

Tina operates a sole proprietorship, a corporation, and a partnership. Tina wants to ob?tain relief for her individual debts and the debts of her corporation and partnership. Tina may file a petition for each under

Before filing for bankruptcy, a consumer-debtor must receive informa?tion about credit counseling.