Deck 1: The History of Bankruptcy Law

Question 1

BAPCPA was signed into law by President George Bush in:

A) 2010
B) 2003
C) 2005
D) 2009

Answer 1

2005

Question 2

The bankruptcy trustee approves the credit counseling agencies.

Answer 2

False

Question 3

Credit counseling agencies require approval by the U.S. Trustee's Office every _____.

A) six months
B) twelve months
C) eighteen months
D) three years.

Answer 3

twelve months

Question 4

The credit counseling class must be completed ___ days before the bankruptcy petition is filed:

A) fourteen
B) thirty
C) sixty
D) one hundred eighty

Question 5

Chapter 7 bankruptcy is known as:

A) an exemption bankruptcy.
B) a wage earner's plan.
C) a payment plan with creditors.
D) a liquidation.

Question 6

Chapter 13 is known as a wage earner's plan.

Question 7

Domestic support obligations are dischargeable in bankruptcy?

A) True.
B) False.
C) Only if the debtor filed for Chapter 7.
D) Alimony obligations are dischargeable, but not child support.

Question 8

The Consumer Bankruptcy Reform Act of 2020 has been law since _____.

A) June 1, 2020.
B) July 1, 2020.
C) January 1, 2021.
D) None of the above.

Question 9

Chapter 9 bankruptcy applies to _____.

A) large corporations.
B) business in the farming or fishing industry.
C) foreign corporations.
D) municipalities.

Question 10

If a debtor is going to file Chapter 7 or Chapter 13, creditors can continue to call the debtor to collect on the debt.

A) Yes, even after the bankruptcy has been filed.
B) Yes, unless a lawyer has been retained or the bankruptcy has been filed.
C) No, because that is a violation of the Fair Debt Collection Practices Act.
D) None of the above.

Question 11

Failure to file a debtor's tax returns with the bankruptcy petition will result in a dismissal.

Question 12

Pursuant to 11 U.S.C. §521(a)(2)(A)(i), a debtor shall provide tax returns to the trustee ______

A) within 7 days of filing a bankruptcy petition.
B) no later than 7 days before the first scheduled 341 Meeting of Creditors.
C) at the time of filing the bankruptcy petition.
D) only if requested as the trustee is a federal employee and has access to the debtor's tax returns. Copies usually aren't requested in order to reduce the risk of fraud.

Question 13

What does BAPCPA stand for?

Question 14

What is Chapter 7 known as?

Question 15

What are the requirements of the credit counseling and financial management course in Chapter 7 cases?

Question 16

What are the requirements of the credit counseling and financial management course in Chapter 13 cases?

Question 17

Name three major changes caused by BAPCPA.

Question 18

Tara did not provide the trustee tax returns, and her case wasn't dismissed. Give one possible explanation why.