Bankruptcy Law MHR 461 Exam With Complete
Solutions
U.S. bankruptcy code is the ________ applicable to all bankruptcies in the country -
ANSWER federal law
what is the dual purpose of the U.S. Bankruptcy code - ANSWER 1. bring about quick
equitable distribution of the debtor's property among his creditors
2. discharge the debtor from debt enabling a debtor to rehabilitate himself and make a
"fresh start"
What does the Chapter 7 code apply to? - ANSWER all debtors (except railroads,
insurance companies, banks, other fn institutions)
about ______ percent of bankruptcies are filed under chapter 7 - ANSWER 60
what does chapter 13 of the bankruptcy code apply to? - ANSWER individuals with
regular income who have certain levels of secured and unsecured debt
what percentage of bankruptcies are filed under chapter 13? - ANSWER 35%
chapter 3 of the bankruptcy code deals with what - ANSWER the case administration
process
what is the part of chapter 3 of the bankruptcy code in which creditors and officers who
will administer the case meet - ANSWER commencement of the case
what is the automatic stay rule in chapter 3 of the bankruptcy code? - ANSWER after the
, debtor files for a petition of bankruptcy, all creditors are prohibited from taking any
more actions to collect their pre-petition debt against the debtor
who is the person who is either selected by creditors or appointed in order to collect
and liquidate, distribute the debtor's estate? - ANSWER bankruptcy trustee
when must the debtor must answer under oath questions by the trustee concerning his
or her financial situation? - ANSWER at the first meetings of creditors
is the judge in attendance at the first meeting of creditors? - ANSWER no
what does chapter 5 of the bankruptcy code deal with? - ANSWER the creditors, the
debtor, and the estate
chapter 5 of the bankruptcy code defines the creditor as an entity having a claim (a right
to payment) against the debtor that arose when ??? - ANSWER at the time of or before
the order of relief
are any debts incurred or assets obtained by a debtor after the filing date part of the
estate and administered by the bankruptcy trustee or the court - ANSWER NO not
included
what type of formal written claim must be filed by creditors and must be enforceable,
something for a matured interest, not offset by another debt owed to the debtor, and not
for any insider services that are overvalued? - ANSWER a proof of claim
what types of claims take priority over other in bankruptcy ? - ANSWER SECURED over
unsecured , secured claims are by those of creditors who have a lien on the debtor's
property
unsecured claims of creditors can be either _________ or ________ - ANSWER priority
claims or non-priority claims
Solutions
U.S. bankruptcy code is the ________ applicable to all bankruptcies in the country -
ANSWER federal law
what is the dual purpose of the U.S. Bankruptcy code - ANSWER 1. bring about quick
equitable distribution of the debtor's property among his creditors
2. discharge the debtor from debt enabling a debtor to rehabilitate himself and make a
"fresh start"
What does the Chapter 7 code apply to? - ANSWER all debtors (except railroads,
insurance companies, banks, other fn institutions)
about ______ percent of bankruptcies are filed under chapter 7 - ANSWER 60
what does chapter 13 of the bankruptcy code apply to? - ANSWER individuals with
regular income who have certain levels of secured and unsecured debt
what percentage of bankruptcies are filed under chapter 13? - ANSWER 35%
chapter 3 of the bankruptcy code deals with what - ANSWER the case administration
process
what is the part of chapter 3 of the bankruptcy code in which creditors and officers who
will administer the case meet - ANSWER commencement of the case
what is the automatic stay rule in chapter 3 of the bankruptcy code? - ANSWER after the
, debtor files for a petition of bankruptcy, all creditors are prohibited from taking any
more actions to collect their pre-petition debt against the debtor
who is the person who is either selected by creditors or appointed in order to collect
and liquidate, distribute the debtor's estate? - ANSWER bankruptcy trustee
when must the debtor must answer under oath questions by the trustee concerning his
or her financial situation? - ANSWER at the first meetings of creditors
is the judge in attendance at the first meeting of creditors? - ANSWER no
what does chapter 5 of the bankruptcy code deal with? - ANSWER the creditors, the
debtor, and the estate
chapter 5 of the bankruptcy code defines the creditor as an entity having a claim (a right
to payment) against the debtor that arose when ??? - ANSWER at the time of or before
the order of relief
are any debts incurred or assets obtained by a debtor after the filing date part of the
estate and administered by the bankruptcy trustee or the court - ANSWER NO not
included
what type of formal written claim must be filed by creditors and must be enforceable,
something for a matured interest, not offset by another debt owed to the debtor, and not
for any insider services that are overvalued? - ANSWER a proof of claim
what types of claims take priority over other in bankruptcy ? - ANSWER SECURED over
unsecured , secured claims are by those of creditors who have a lien on the debtor's
property
unsecured claims of creditors can be either _________ or ________ - ANSWER priority
claims or non-priority claims
