BLaw 2 - Ch. 28 Quiz

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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that before an individual debtor receives a discharge in a Chapter _____ or Chapter _____ bankruptcy, the debtor must attend a personal _____ course approved by the U.S. Trustee.

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A bankruptcy trustee cannot be appointed in a Chapter 7 bankruptcy case.

- correct statements:
---> A bankruptcy may be appointed in a Chapter 11 case on a showing of fraud, dishonesty, incompetence, or gross mismanagement of the affairs of the debtor by current management.
---> Once appointed, a bankruptcy trustee becomes the legal representative of the debtor's estate.
---> A bankruptcy trustee must be appointed in a Chapter 12 bankruptcy case.
---> A bankruptcy trustee must be appointed in a Chapter 13 bankruptcy case.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 gives the bankruptcy court the power to void certain fraudulent transfers of a debtor's property made by the debtor within _____ prior to filing a petition for bankruptcy.

2 years

A debtor must receive prepetition credit counseling within _____ days prior to filing his or her petition for bankruptcy.

180 days

A(n) _________ petition can be filed by the debtor in _________ bankruptcy cases.

voluntary; Chapters 7, 11, 12 and 13

Upon the filing of a voluntary or an involuntary petition, all EXCEPT which of the following creditor actions are stayed?

filing a proof of claim

_____ is a court order that relieves a debtor of the legal liability to pay his or her debts that were not paid in the bankruptcy proceeding.

discharge

A _____ agreement is an agreement entered into by a debtor with a creditor prior to discharge whereby the debtor agrees to pay the creditor a debt that would otherwise be discharged in bankruptcy.

reaffirmation

Which of the following is NOT a federal exemption recognized by the Bankruptcy Code?

up to $150,000 in equity in property used as a residence

- correct statements:
---> any unmatured life insurance policy owned by the debtor
---> up to $22,975 in equity in a burial plot
---> personal injury awards up to $22,975
---> up to $3,675 in value in one motor vehicle

Which of the following schedules is NOT required to be submitted by an individual debtor who files a voluntary bankruptcy petition?

evidence of payments received from employers within 120 days prior to the filing of the petition

- required:
---> a list of all property owned
---> a statement of the financial affairs of the debtor
---> a statement of the debtor's monthly income; current income and expenses
---> a list of secured and unsecured creditors, with addresses

Which of the following is NOT a required procedure for filing a voluntary bankruptcy petition?

post-petition counseling

- required:
---> a statement of the debtor's monthly income; current income and expenses
---> a statement of the financial affairs of the debtor
---> pre-petition counseling
---> attorney certification

BLaw 2 - Ch. 28 Quiz

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