Question 1

Because the purpose of a Chapter 7 proceeding is to provide a debtor with a fresh start, a discharge under Chapter 7 frees a debtor of all of his or her debts.

Accepted Answer

A) True 
 B)False

Question 2

Under Chapter 7, to be entitled to receive a portion of a debtor's estate, each creditor must file a proof of claim with the bankruptcy court within ninety days of

Accepted Answer

A)   the order for relief.
B)   the petition.
C)   the automatic stay.
D)   the creditors' meeting.E) C) and D)
F) B) and C)

Question 3

Under Chapter 7, a debtor who fails to appear at the creditors' meeting when required may be

Accepted Answer

A)   denied a discharge of his or debts in the bankruptcy proceeding.
B)   ordered to complete a means test.
C)   forced to submit to an examination by the creditors.
D)   told to turn over control of his or her property to a bankruptcy trustee.E) All of the above
F) C) and D)

Question 4

A court cannot dismiss a debtor's petition under Chapter 13 even if the circumstances indicate bad faith.

Accepted Answer

A) True 
 B)False

Question 5

Under Chapter 11, a plan to conserve and administer the debtor's assets must be submitted for acceptance and confirmation to

Accepted Answer

A)   the creditors only.
B)   the court only.
C)   the creditors and the court.
D)   the debtor only.E) All of the above
F) None of the above

Question 6

If all classes of creditors accept the debtor's Chapter 11 plan, the court cannot refuse to confirm it.

Accepted Answer

A) True 
 B)False

Question 7

The basic duty of a bankruptcy trustee in a Chapter 7 proceeding requires that the trustee be accountable for administering the debtor's estate.

Accepted Answer

A) True 
 B)False

Question 8

Under Chapter 13, a repayment plan must provide for

Accepted Answer

A)   the turnover of the debtor's future income to the creditors.
B)   full payment of all claims, without exception.
C)   the same treatment of each claim within a particular class of claim.
D)   all of the choices.E) None of the above
F) A) and C)

Question 9

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

Accepted Answer

A)   extend the time for the debtor's payment of overdue debts.
B)   allow a creditor to collect a previous judgment on a discharged debt.
C)   force a creditor to obtain a new judgment on a discharged debt.
D)   void a judgment on a discharged debt and prohibit an action to collect it.E) B) and D)
F) A) and D)

Question 10

Businesses must be technically insolvent to file for bankruptcy relief.

Accepted Answer

A) True 
 B)False

Question 11

Anyone obligated to a creditor can declare bankruptcy.

Accepted Answer

A) True 
 B)False

Question 12

Under Chapter 7, a discharge is most likely to be denied if the debtor

Accepted Answer

A)   conceals property to hinder or delay a creditor.
B)   destroys records of the debtor's financial condition.
C)   fails to attend a required consumer education course.
D)   all of the choices.E) A) and C)
F) A) and B)

Exam 26: Bankruptcy

Anyone obligated to a creditor can declare bankruptcy.

Correct Answer
verified

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

Correct Answer
verified

Under Chapter 7, a discharge is most likely to be denied if the debtor

Correct Answer
verified

Under Chapter 7, a debtor who fails to appear at the creditors' meeting when required may be

Correct Answer
verified

Because the purpose of a Chapter 7 proceeding is to provide a debtor with a fresh start, a discharge under Chapter 7 frees a debtor of all of his or her debts.

Correct Answer
verified

Under Chapter 11, a plan to conserve and administer the debtor's assets must be submitted for acceptance and confirmation to

Correct Answer
verified

If all classes of creditors accept the debtor's Chapter 11 plan, the court cannot refuse to confirm it.

Correct Answer
verified

A court cannot dismiss a debtor's petition under Chapter 13 even if the circumstances indicate bad faith.

Correct Answer
verified

Businesses must be technically insolvent to file for bankruptcy relief.

Correct Answer
verified

Under Chapter 13, a repayment plan must provide for

Correct Answer
verified

Under Chapter 7, to be entitled to receive a portion of a debtor's estate, each creditor must file a proof of claim with the bankruptcy court within ninety days of

Correct Answer
verified

The basic duty of a bankruptcy trustee in a Chapter 7 proceeding requires that the trustee be accountable for administering the debtor's estate.

Correct Answer
verified

Exam 26: Bankruptcy

Anyone obligated to a creditor can declare bankruptcy.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Under Chapter 7, a discharge is most likely to be denied if the debtor

Correct AnswerverifiedShow Answer

Under Chapter 7, a debtor who fails to appear at the creditors' meeting when required may be

Correct AnswerverifiedShow Answer

Because the purpose of a Chapter 7 proceeding is to provide a debtor with a fresh start, a discharge under Chapter 7 frees a debtor of all of his or her debts.

Correct AnswerverifiedShow Answer

Under Chapter 11, a plan to conserve and administer the debtor's assets must be submitted for acceptance and confirmation to

Correct AnswerverifiedShow Answer

If all classes of creditors accept the debtor's Chapter 11 plan, the court cannot refuse to confirm it.

Correct AnswerverifiedShow Answer

A court cannot dismiss a debtor's petition under Chapter 13 even if the circumstances indicate bad faith.

Correct AnswerverifiedShow Answer

Businesses must be technically insolvent to file for bankruptcy relief.

Correct AnswerverifiedShow Answer

Under Chapter 13, a repayment plan must provide for

Correct AnswerverifiedShow Answer

Under Chapter 7, to be entitled to receive a portion of a debtor's estate, each creditor must file a proof of claim with the bankruptcy court within ninety days of

Correct AnswerverifiedShow Answer

The basic duty of a bankruptcy trustee in a Chapter 7 proceeding requires that the trustee be accountable for administering the debtor's estate.

Correct AnswerverifiedShow Answer

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Correct Answer
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