Question 1

Bankruptcy relief is provided under state law.

Accepted Answer

A) True 
 B)False

Question 2

One of the Bankruptcy Code's main goals is to ensure preferential treatment of certain creditors who are competing for a debtor's assets.

Accepted Answer

A) True 
 B)False

Question 3

All bankruptcy proceedings are conducted in federal bankruptcy courts.

Accepted Answer

A) True 
 B)False

Question 4

Under Chapter 11, soon after the entry of the order for relief

Accepted Answer

A)   any business debtor can choose to avoid creditors' committees.
B)   the debtor's creditors file a plan to distribute the debtor's assets.
C)   a creditors' committee of unsecured creditors is appointed.
D)   the debtor's assets are liquidated to pay tax claims.E) B) and D)
F) C) and D)

Question 5

Eligible for relief on a petition in bankruptcy under Chapter 13 is

Accepted Answer

A)   any debtor who is eligible under Chapter 7, and railroads.
B)   an individual, not a partnership or a corporation, with regular income and debts of less than a certain amount.
C)   any "person" except railroads and certain financial institutions.
D)   any party who is not eligible under a different chapter of the Code.E) A) and D)
F) B) and C)

Question 6

Under Chapter 13, a plan may provide for the payment of an amount less than 100 percent of the debtor's total obligations.

Accepted Answer

A) True 
 B)False

Question 7

If a voluntary petition in bankruptcy is found to be proper, the court's entry of an order for relief

Accepted Answer

A)   stops the debtor's payment of debts in the petition.
B)   discharges the debtor's obligations for any debt over $10,000.
C)   dismisses the petition .
D)   distributes the debtor's assets to his or her creditors.E) A) and C)
F) C) and D)

Question 8

A Chapter 13 proceeding can be initiated by creditors forcing a debtor into an involuntary bankruptcy.

Accepted Answer

A) True 
 B)False

Question 9

In a Chapter 7 proceeding, all debts that cannot be paid by the bankruptcy estate will be discharged by the court.

Accepted Answer

A) True 
 B)False

Question 10

Any debtor who is eligible for bankruptcy relief under Chapter 7 is eligible under Chapter 11.

Accepted Answer

A) True 
 B)False

Question 11

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 12

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) None of the above
F) All of the above

Exam 34: Bankruptcy

If a voluntary petition in bankruptcy is found to be proper, the court's entry of an order for relief

Correct Answer
verified

All bankruptcy proceedings are conducted in federal bankruptcy courts.

Correct Answer
verified

In a Chapter 7 proceeding, all debts that cannot be paid by the bankruptcy estate will be discharged by the court.

Correct Answer
verified

Any debtor who is eligible for bankruptcy relief under Chapter 7 is eligible under Chapter 11.

Correct Answer
verified

A Chapter 13 proceeding can be initiated by creditors forcing a debtor into an involuntary bankruptcy.

Correct Answer
verified

One of the Bankruptcy Code's main goals is to ensure preferential treatment of certain creditors who are competing for a debtor's assets.

Correct Answer
verified

Eligible for relief on a petition in bankruptcy under Chapter 13 is

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

Under Chapter 13, a plan may provide for the payment of an amount less than 100 percent of the debtor's total obligations.

Correct Answer
verified

Under Chapter 11, soon after the entry of the order for relief

Correct Answer
verified

Bankruptcy relief is provided under state law.

Correct Answer
verified

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

Correct Answer
verified

Exam 34: Bankruptcy

If a voluntary petition in bankruptcy is found to be proper, the court's entry of an order for relief

Correct AnswerverifiedShow Answer

All bankruptcy proceedings are conducted in federal bankruptcy courts.

Correct AnswerverifiedShow Answer

In a Chapter 7 proceeding, all debts that cannot be paid by the bankruptcy estate will be discharged by the court.

Correct AnswerverifiedShow Answer

Any debtor who is eligible for bankruptcy relief under Chapter 7 is eligible under Chapter 11.

Correct AnswerverifiedShow Answer

A Chapter 13 proceeding can be initiated by creditors forcing a debtor into an involuntary bankruptcy.

Correct AnswerverifiedShow Answer

One of the Bankruptcy Code's main goals is to ensure preferential treatment of certain creditors who are competing for a debtor's assets.

Correct AnswerverifiedShow Answer

Eligible for relief on a petition in bankruptcy under Chapter 13 is

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

Under Chapter 13, a plan may provide for the payment of an amount less than 100 percent of the debtor's total obligations.

Correct AnswerverifiedShow Answer

Under Chapter 11, soon after the entry of the order for relief

Correct AnswerverifiedShow Answer

Bankruptcy relief is provided under state law.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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