Exam 31: Bankruptcy Law

Under Chapter 13, after the completion of all payments under the plan, the court will grant a discharge of

Each state permits a debtor in bankruptcy to retain the family home in order to preserve some equity to pay any debts that are discharged.

Under Chapter 7, once the proceeds have been distributed, the obligations of the debtor most likely to be discharged are

Compared to Chapter 7 and 11 plans, a Chapter 13 plan

An involuntary bankruptcy occurs when a debtor

With respect to creditors, the main goal of bankruptcy law is to

Under Chapter 7, the primary effect of a discharge is to

If there is a presumption of abuse, the trustee must file a motion to dismiss a Chapter 7 petition or explain why such a motion would not be appropriate.

In addition to financial statements, each voluntary petition in bankruptcy must include

Under Chapter 13, a repayment plan must provide for

In a Chapter 11 proceeding, a debtor corporation and its creditors agree on a plan under which the corporation pays a portion of its debt.

Voluntary petitions may be filed to initiate Chapter 7 or Chapter 11, but not Chapter 13, bankruptcies.

In a Chapter 7 proceeding, the primary effect of a discharge is to void any judgment on a discharged debt and to prohibit any action to collect it.

Chapter 7 of the Bankruptcy Code provides for

Under Chapter 11, the debtor's obligations most likely to be discharged are

Under Chapter 7, creditors are paid in a certain order of priority. The highest-priority class comprises claims for

In a Chapter 13 proceeding, the debtor retains possession of his or her assets.

Under Chapter 13, a plan may provide for the payment of all of the debtor's obligations in full.

Under Chapter 7, once the proceeds of the bankruptcy estate have been distributed, the debtor's remaining debts

To qualify for a Chapter 7 bankruptcy, a debtor must complete a means test to determine whether the debtor has been living within his or her means.