Exam 3: The Case Characters and Their Roles in the Bankruptcy Process

The bankruptcy court and the district court may, under certain circumstances, waive the filing fee for a debtor in a case under Chapter 7.

An individual may not be a debtor under the Bankruptcy Code unless the individual has, within 180 days prior to the bankruptcy filing, received a briefing from an approved nonprofit budget- and credit-counseling agency.

What is a bankruptcy petition preparer?

The Code requires the party filing for bankruptcy to be a person, partnership, or corporation.

The nonprofit budget- and credit-counseling agencies that are eligible to provide briefings to individual debtors must be approved by the bankruptcy courts.

Define the term "secured transaction."

The United States trustee is a member of the bankruptcy judge's staff.

Define the term "creditor holding a secured claim."

The United States trustee is a member of the Chapter 7 trustee panel.

Describe the duties of the United States trustee.

Explain a lease transaction.

The bankruptcy judge appoints the members of the trustee panel.

A "debt relief agency" may include an attorney.

On June 1, 2006, Clarence Collier filed a petition for bankruptcy under Chapter 7. On June 15, First National Bank filed a motion for relief from the automatic stay. On June 20, Clarence filed a motion requesting dismissal of his case. The case was dismissed on July 1. Clarence could file a new petition for bankruptcy under Chapter 7 on November 28, 2006.

The Code requires the party filing for bankruptcy to be insolvent.

What is an administrative expense?

What is the role of a case trustee in a Chapter 7 case?

Stephanie Simpson, a United States citizen, is a reporter for a major newspaper. For the past three years she has been assigned to London. All of her property is with her in London. If Stephanie finds that she is unable to pay her creditors, she may file for bankruptcy under the Code.

A person cannot serve as a trustee unless he or she is a member of the trustee panel.

What is the role of an examiner?