Question 1

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

Accepted Answer

A) a plan to turn over his future income to the trustee. 
B) a certificate proving attendance at a credit-counseling briefing. 
C) a provision of adequate means for the petition's execution. 
A) a plan to turn over his future income to the trustee. 
B) a certificate proving attendance at a credit-counseling briefing. 
C) a provision of adequate means for the petition's execution. B

Question 2

A trustee must call a meeting of the creditors listed in the schedules filed by the debtor.

Accepted Answer

A) True 
 B)False  True

Question 3

To falsify information on official bankruptcy schedules is a crime.

Accepted Answer

A) True 
 B)False  True

Question 4

Bernice files a petition in bankruptcy.The initial proceeding on this peti?tion will be in

Accepted Answer

A) a federal bankruptcy court. 
B) a state bankruptcy court. 
C) the highest court in the state in which Bernice is located. 
D) the United States Supreme Court. 
A) a federal bankruptcy court. 
B) a state bankruptcy court. 
C) the highest court in the state in which Bernice is located. 
D) the United States Supreme Court.

Question 5

Swim & Trim Fitness Corporation wants to formulate a plan under which it pays a portion of its debts and is discharged of the remainder while continuing in business.To accomplish this goal,Swim & Trim should file a petition in bankruptcy for relief through

Accepted Answer

A) a liquidation. 
B) a reorganization. 
C) a repayment plan. 
D) a family-farmer bankruptcy plan. 
A) a liquidation. 
B) a reorganization. 
C) a repayment plan. 
D) a family-farmer bankruptcy plan.

Question 6

Certain liquidation cases may be converted to repayment plan cases with the consent of the debtor.

Accepted Answer

A) True 
 B)False

Question 7

Fact Pattern 30-1A 
Stacy sells her all-terrain vehicle (ATV)to her brother Terrill for $1,000.Twelve days later,Stacy files a petition in bankruptcy for relief through a liquidation.
-Refer to Fact Pattern 30-1A.Terrill dies while riding the ATV.Stacy is Terrill's only heir.With respect to the bankruptcy estate,the inheritance is

Accepted Answer

A) exempt property. 
B) part of the estate if Terrill died more than 180 days after Stacy's filing. 
C) part of the estate if Terrill died within 180 days after Stacy's filing. 
D) part of the estate if the accident was in some way Stacy's fault. 
A) exempt property. 
B) part of the estate if Terrill died more than 180 days after Stacy's filing. 
C) part of the estate if Terrill died within 180 days after Stacy's filing. 
D) part of the estate if the accident was in some way Stacy's fault.

Question 8

An involuntary bankruptcy occurs when a debtor's creditors are forced to accept a discharge of the debtor's debts.

Accepted Answer

A) True 
 B)False

Question 9

For individual debtors,the plan in a reorganization case must be completed before discharge will be granted.

Accepted Answer

A) True 
 B)False

Question 10

To adjust debt and institute a repayment plan,Norman,a family fisherman,may file a petition in bankruptcy for relief under the Bankruptcy Code's Chapter

Accepted Answer

A) 1. 
B) 3. 
C) 5. 
D) 12. 
A) 1. 
B) 3. 
C) 5. 
D) 12.

Question 11

Lorissa files a petition for bankruptcy.Lorissa's creditors must file with the court their proof of claims against Lorissa's assets within

Accepted Answer

A) fifteen days of the order for relief. 
B) thirty days of the filing of the petition. 
C) sixty days of the automatic stay. 
D) ninety days of the creditors' meeting. 
A) fifteen days of the order for relief. 
B) thirty days of the filing of the petition. 
C) sixty days of the automatic stay. 
D) ninety days of the creditors' meeting.

Question 12

The basic duty of a trustee is to collect and reduce to cash the property in the bankruptcy estate that is not exempt.

Accepted Answer

A) True 
 B)False

Question 13

To adjust debt and institute a repayment plan,Charlie-who is not a corpo?ration,a partnership,or a family farmer or fisherman-may file a peti?tion in bankruptcy for relief through

Accepted Answer

A) a liquidation. 
B) a reorganization. 
C) a repayment plan. 
D) a family-farmer bankruptcy plan. 
A) a liquidation. 
B) a reorganization. 
C) a repayment plan. 
D) a family-farmer bankruptcy plan.

Question 14

Job Service,Inc. ,needs funds to meet its payroll,to make other cur?rent operating expenses,and to pay its creditors.Kelly,Job Service's only shareholder,loans the company $10,000 and accepts a promissory note signed on behalf of Job Service by Luna,the firm's accountant.Job Service's fi?nancial problems continue,however,and the firm's creditors file an in?voluntary petition to force it into bankruptcy.Is Kelly entitled to repay?ment of the loan to Job Service? If so,what is the priority of the claim?

Accepted Answer

Kelly is entitled to be repaid the amoun

Question 15

Certain debtors may not qualify to have all debts discharged in bankruptcy.

Accepted Answer

A) True 
 B)False

Question 16

In the distribution of the debtor's estate,secured creditors take priority over unsecured creditors.

Accepted Answer

A) True 
 B)False

Question 17

Verna files a petition in bankruptcy in a liquidation proceeding.If the court administers the means test and concludes that Verna is abusing the bankruptcy process by filing for a liquidation,the court will most likely

Accepted Answer

A) force Verna to file for relief through an individual repayment plan. 
B) discharge Verna's debts. 
C) distribute Verna's property to Verna's creditors. 
D) issue an automatic stay against any actions by Verna's creditors. 
A) force Verna to file for relief through an individual repayment plan. 
B) discharge Verna's debts. 
C) distribute Verna's property to Verna's creditors. 
D) issue an automatic stay against any actions by Verna's creditors.

Question 18

A petition for a discharge in bankruptcy in a liquidation proceeding may be filed by

Accepted Answer

A) Eminent Employees Credit Union,a corporation. 
B) Federal Savings & Loan Association,a corporation. 
C) Goodhands Insurance Company,a corporation. 
D) Henry,an independent financial adviser. 
A) Eminent Employees Credit Union,a corporation. 
B) Federal Savings & Loan Association,a corporation. 
C) Goodhands Insurance Company,a corporation. 
D) Henry,an independent financial adviser.

Question 19

Wilbur files a petition in bankruptcy for relief through an individual's repayment plan.Wilbur is granted a discharge.Debts that will not be discharged include claims for

Accepted Answer

A) contributions to employee benefit plans. 
B) money to be paid for services not rendered. 
C) fraudulently incurred debt. 
D) long overdue credit-card debt. 
A) contributions to employee benefit plans. 
B) money to be paid for services not rendered. 
C) fraudulently incurred debt. 
D) long overdue credit-card debt.

Question 20

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

Accepted Answer

A) domestic-support obligations. 
B) student loans unless the lender would suffer undue hardship. 
C) unpaid state and federal taxes. 
D) unsecured credit-card debt. 
A) domestic-support obligations. 
B) student loans unless the lender would suffer undue hardship. 
C) unpaid state and federal taxes. 
D) unsecured credit-card debt.

Exam 30: B: Bankruptcy Law

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

A trustee must call a meeting of the creditors listed in the schedules filed by the debtor.

To falsify information on official bankruptcy schedules is a crime.

Bernice files a petition in bankruptcy.The initial proceeding on this peti?tion will be in

Swim & Trim Fitness Corporation wants to formulate a plan under which it pays a portion of its debts and is discharged of the remainder while continuing in business.To accomplish this goal,Swim & Trim should file a petition in bankruptcy for relief through

Certain liquidation cases may be converted to repayment plan cases with the consent of the debtor.

An involuntary bankruptcy occurs when a debtor's creditors are forced to accept a discharge of the debtor's debts.

For individual debtors,the plan in a reorganization case must be completed before discharge will be granted.

To adjust debt and institute a repayment plan,Norman,a family fisherman,may file a petition in bankruptcy for relief under the Bankruptcy Code's Chapter

Lorissa files a petition for bankruptcy.Lorissa's creditors must file with the court their proof of claims against Lorissa's assets within

The basic duty of a trustee is to collect and reduce to cash the property in the bankruptcy estate that is not exempt.

To adjust debt and institute a repayment plan,Charlie-who is not a corpo?ration,a partnership,or a family farmer or fisherman-may file a peti?tion in bankruptcy for relief through

Certain debtors may not qualify to have all debts discharged in bankruptcy.

In the distribution of the debtor's estate,secured creditors take priority over unsecured creditors.

Verna files a petition in bankruptcy in a liquidation proceeding.If the court administers the means test and concludes that Verna is abusing the bankruptcy process by filing for a liquidation,the court will most likely

A petition for a discharge in bankruptcy in a liquidation proceeding may be filed by

Wilbur files a petition in bankruptcy for relief through an individual's repayment plan.Wilbur is granted a discharge.Debts that will not be discharged include claims for

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

A: Introduction to Law and Legal Reasoning

B: Introduction to Law and Legal Reasoning

C: Introduction to Law and Legal Reasoning

D: Introduction to Law and Legal Reasoning

A: Courts and Alternative Dispute Resolution

B: Courts and Alternative Dispute Resolution

A: Court Procedures

B: Court Procedures

A: Constitutional Authority to Regulate Business

B: Constitutional Authority to Regulate Business

A: Ethics and Business Decision Making

B: Ethics and Business Decision Making

A: Intentional Torts and Privacy

B: Intentional Torts and Privacy

A: Negligence and Strict Liability

B: Negligence and Strict Liability

C: Negligence and Strict Liability

D: Negligence and Strict Liability

A: Intellectual Property and Internet Law

B: Intellectual Property and Internet Law

A: Criminal Law and Cyber Crimes

B: Criminal Law and Cyber Crime

A: Nature and Terminology

B: Nature and Terminology

C: Nature and Terminology

D: Nature and Terminology

A: Agreement in Traditional and E-Contracts

B: Agreement in Traditional and E-Contracts

A: Consideration

B: Consideration

A: Capacity and Legality

B: Capacity and Legality

A: Mistakes,fraud,and Voluntary Consent

B: Mistakes,fraud,and Voluntary Consent

A: The Statute of Frauds

B: The Statute of Frauds

A: Third Party Rights

B: Third Party Rights

A: Performance and Discharge

B: Performance and Discharge

A: Breach of Contract and Remedies

B: Breach of Contract and Remedies

A: The Formation of Sales and Lease Contracts

B: The Formation of Sales and Lease Contracts

C: The Formation of Sales and Lease Contracts

D: The Formation of Sales and Lease Contracts

A: Title,risk,and Insurable Interest

B: Title,risk,and Insurable Interest

A: Performance Breach of Sales Lease Contracts

B: Performance Breach of Sales Lease Contracts

A: Warranties and Product Liability

B: Warranties and Product Liability

A: International Law in a Global Economy

B: International Law in a Global Economy

A: The Function Creation of Negotiable Instruments

B: The Function Creation of Negotiable Instruments

C: The Function Creation of Negotiable Instruments

D: The Function Creation of Negotiable Instruments

A: Transferability and Holder in Due Course

B: Transferability and Holder in Due Course

A: Liability,defenses,and Discharge