Question 1

Explain why business debtors seldom select Chapter 7.

Accepted Answer

Business debtors seldom select Chapter 7, because only individuals are eligible to receive a Chapter 7 discharge. Partnerships and corporations cease to exist.

Question 2

Domestic insurance companies and banks may not be debtors under the Bankruptcy Code.

Accepted Answer

A) True 
 B)False  True

Question 3

The debtor that operates a business is eligible to file for bankruptcy under Chapters 11, 12, and 13.

Accepted Answer

A) True 
 B)False  False

Question 4

Why would an individual debtor who operates a business prefer to reorganize under Chapter 13 rather than Chapter 11?

Accepted Answer

The cost of reorganizing under

Question 5

An individual debtor may not receive a discharge under Chapter 11 until all plan payments have been made.

Accepted Answer

A) True 
 B)False

Question 6

In the calendar year ending December 31, 2004, the number of bankruptcy cases filed in the 94 bankruptcy courts across the country was ____.

Accepted Answer

A)  more than 500,000 but less than 1,000,000 
B)  more than 1,000,000 but less than 1,500,000 
C)  more than 1,500,000 but less than 1,750,000 
D)  more than 1,750,000 but less than 2,000,000 
E)  more than 500,000 but less than 1,000,000. 
A)  more than 500,000 but less than 1,000,000 
B)  more than 1,000,000 but less than 1,500,000 
C)  more than 1,500,000 but less than 1,750,000 
D)  more than 1,750,000 but less than 2,000,000 
E)  more than 500,000 but less than 1,000,000.

Question 7

Name three remedies available to a debtor under Chapter 13 that are not available under Chapter 7.

Accepted Answer

A Chapter 13 debtor: (1) may cure a defa

Question 8

Not all debtors are eligible to file under all the operative chapters of the Bankruptcy Code.

Accepted Answer

A) True 
 B)False

Question 9

The operative chapter of the Bankruptcy Code for liquidation is ____.

Accepted Answer

A)  Chapter 5 
B)  Chapter 7 
C)  Chapter 11 
D)  Chapter 13 
E)  Chapter 5. 
A)  Chapter 5 
B)  Chapter 7 
C)  Chapter 11 
D)  Chapter 13 
E)  Chapter 5.

Question 10

The fair-and-equitable test does not apply in Chapter 11 cases for individual debtors.

Accepted Answer

A) True 
 B)False

Question 11

All farmers are eligible to be debtors under Chapter 12.

Accepted Answer

A) True 
 B)False

Question 12

The greatest number of bankruptcy filings are ____.

Accepted Answer

A)  nonbusiness Chapter 7 
B)  Chapter 13 
C)  business Chapter 11 
D)  business Chapter 7 
E)  nonbusiness Chapter 7. 
A)  nonbusiness Chapter 7 
B)  Chapter 13 
C)  business Chapter 11 
D)  business Chapter 7 
E)  nonbusiness Chapter 7.

Question 13

For a nonbusiness debtor, discuss the factors that relate to the selection of the operative chapter of the Bankruptcy Code under which the case is filed. Include in your discussion eligibility as well as other factors.

Accepted Answer

A nonbusiness debtor ordinarily will cho

Question 14

Although railroads are only eligible for Chapter 11 and stockbrokers and commodity brokers are only eligible for Chapter 7, all other business debtors are eligible to file under either Chapter 7 or Chapter 11.

Accepted Answer

A) True 
 B)False

Question 15

All business debtors except railroads, insurance companies, banks, savings and loan associations, and credit unions are eligible for Chapter 7.

Accepted Answer

A) True 
 B)False

Question 16

For a business debtor, discuss the factors that relate to the selection of the operative chapter of the Bankruptcy Code under which the case is filed. Include in your discussion eligibility as well as other factors.

Accepted Answer

If the business debtor wants to liquidat

Question 17

An individual nonbusiness debtor may file under Chapter 11.

Accepted Answer

A) True 
 B)False

Question 18

Explain why a business debtor may choose to liquidate under Chapter 11 rather than under Chapter 7.

Accepted Answer

A business debtor may choose to liquidat

Question 19

An individual business debtor may file under Chapter 13.

Accepted Answer

A) True 
 B)False

Question 20

If a debtor operates a business and either is unable to reorganize or does not want to reorganize, the bankruptcy options are a Chapter ________ or a Chapter _________.

Accepted Answer

a Chapter

Explain why business debtors seldom select Chapter 7.

Domestic insurance companies and banks may not be debtors under the Bankruptcy Code.

The debtor that operates a business is eligible to file for bankruptcy under Chapters 11, 12, and 13.

Why would an individual debtor who operates a business prefer to reorganize under Chapter 13 rather than Chapter 11?

An individual debtor may not receive a discharge under Chapter 11 until all plan payments have been made.

In the calendar year ending December 31, 2004, the number of bankruptcy cases filed in the 94 bankruptcy courts across the country was ____.

Name three remedies available to a debtor under Chapter 13 that are not available under Chapter 7.

Not all debtors are eligible to file under all the operative chapters of the Bankruptcy Code.

The operative chapter of the Bankruptcy Code for liquidation is ____.

The fair-and-equitable test does not apply in Chapter 11 cases for individual debtors.

All farmers are eligible to be debtors under Chapter 12.

The greatest number of bankruptcy filings are ____.

For a nonbusiness debtor, discuss the factors that relate to the selection of the operative chapter of the Bankruptcy Code under which the case is filed. Include in your discussion eligibility as well as other factors.

Although railroads are only eligible for Chapter 11 and stockbrokers and commodity brokers are only eligible for Chapter 7, all other business debtors are eligible to file under either Chapter 7 or Chapter 11.

All business debtors except railroads, insurance companies, banks, savings and loan associations, and credit unions are eligible for Chapter 7.

For a business debtor, discuss the factors that relate to the selection of the operative chapter of the Bankruptcy Code under which the case is filed. Include in your discussion eligibility as well as other factors.

An individual nonbusiness debtor may file under Chapter 11.

Explain why a business debtor may choose to liquidate under Chapter 11 rather than under Chapter 7.

An individual business debtor may file under Chapter 13.

If a debtor operates a business and either is unable to reorganize or does not want to reorganize, the bankruptcy options are a Chapter or a Chapter _.

The Evolution of Bankruptcy Law

Bankruptcy Law and Where to Find It

The Case Characters and Their Roles in the Bankruptcy Process

Information Gathering, Analysis, Counseling, and Drafting

The Voluntary Chapter 7 Bankruptcy Liquidation

The Chapter 13 Bankruptcy Adjustment of Debts of an Individual With Regular Income

The Chapter 12 Bankruptcy Adjustment of Debts of a Family Farmer or Family Fisherman With Regular Annual Income

The Voluntary Chapter 11 Bankruptcy Reorganization

The Involuntary Bankruptcy: Chapter 7 or Chapter 11

Filters

Exam 9: Selecting the Appropriate Type of Bankruptcy Fling

Explain why business debtors seldom select Chapter 7.

Domestic insurance companies and banks may not be debtors under the Bankruptcy Code.

The debtor that operates a business is eligible to file for bankruptcy under Chapters 11, 12, and 13.

Why would an individual debtor who operates a business prefer to reorganize under Chapter 13 rather than Chapter 11?

An individual debtor may not receive a discharge under Chapter 11 until all plan payments have been made.

In the calendar year ending December 31, 2004, the number of bankruptcy cases filed in the 94 bankruptcy courts across the country was ____.

Name three remedies available to a debtor under Chapter 13 that are not available under Chapter 7.

Not all debtors are eligible to file under all the operative chapters of the Bankruptcy Code.

The operative chapter of the Bankruptcy Code for liquidation is ____.

The fair-and-equitable test does not apply in Chapter 11 cases for individual debtors.

All farmers are eligible to be debtors under Chapter 12.

The greatest number of bankruptcy filings are ____.

For a nonbusiness debtor, discuss the factors that relate to the selection of the operative chapter of the Bankruptcy Code under which the case is filed. Include in your discussion eligibility as well as other factors.

Although railroads are only eligible for Chapter 11 and stockbrokers and commodity brokers are only eligible for Chapter 7, all other business debtors are eligible to file under either Chapter 7 or Chapter 11.

All business debtors except railroads, insurance companies, banks, savings and loan associations, and credit unions are eligible for Chapter 7.

For a business debtor, discuss the factors that relate to the selection of the operative chapter of the Bankruptcy Code under which the case is filed. Include in your discussion eligibility as well as other factors.

An individual nonbusiness debtor may file under Chapter 11.

Explain why a business debtor may choose to liquidate under Chapter 11 rather than under Chapter 7.

An individual business debtor may file under Chapter 13.

If a debtor operates a business and either is unable to reorganize or does not want to reorganize, the bankruptcy options are a Chapter ________ or a Chapter _________.

The Evolution of Bankruptcy Law

Bankruptcy Law and Where to Find It

The Case Characters and Their Roles in the Bankruptcy Process

Information Gathering, Analysis, Counseling, and Drafting

The Voluntary Chapter 7 Bankruptcy Liquidation

The Chapter 13 Bankruptcy Adjustment of Debts of an Individual With Regular Income

The Chapter 12 Bankruptcy Adjustment of Debts of a Family Farmer or Family Fisherman With Regular Annual Income

The Voluntary Chapter 11 Bankruptcy Reorganization

The Involuntary Bankruptcy: Chapter 7 or Chapter 11

Filters

If a debtor operates a business and either is unable to reorganize or does not want to reorganize, the bankruptcy options are a Chapter or a Chapter _.