HS 321 Exam 3 Questions With Correct
Answers
Bankruptcy - CORRECT ANSWER✔✔-a legal status of a person or other
| | | | | | | | | | |
entity that cannot repay the debts it owes to creditors.
| | | | | | | | |
Bankruptcy helps people who can no longer pay their debts get a fresh
| | | | | | | | | | | | |
start by - CORRECT ANSWER✔✔-liquidating assets to pay their debts or
| | | | | | | | | | |
by creating a repayment plan
| | | |
Only a federal ______________ can administer bankruptcies - CORRECT
| | | | | | | | |
ANSWER✔✔-Bankruptcy Court, not state, only federal | | | | |
liquidation - CORRECT ANSWER✔✔-the sale of a debtor's nonexempt
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property and the distribution of the proceeds to creditors
| | | | | | | |
Chapter 13 allows a debtor to - CORRECT ANSWER✔✔-keep property
| | | | | | | | | |
and pay debts over time, usually three to five years.
| | | | | | | | |
In a Chapter 7 Bankruptcy - CORRECT ANSWER✔✔-"Liquidation") the
| | | | | | | | |
trustee gathers the debtor's non-exempt property, managing the funds
| | | | | | | | |
, from the sale of those assets, and then paying expenses and distributing
| | | | | | | | | | |
the balance to the owed creditors.
| | | | | |
Non-Dischargeable Debts - CORRECT ANSWER✔✔-you will still owe | | | | | | | |
them regardless of bankruptcy. Taxes, student loans, etc.
| | | | | | |
341 Meeting - CORRECT ANSWER✔✔-A meeting run by the trustee
| | | | | | | | | |
where the debtor is placed under oath
| | | | | |
Title 18, U.S. Code, Section 152. This is the most comprehensive criminal
| | | | | | | | | | |
bankruptcy fraud statute; it serves as the primary bankruptcy crime
| | | | | | | | | | |
statute for - CORRECT ANSWER✔✔-prosecuting bankruptcy fraud
| | | | | |
A person who in a personal capacity or as agent or officer of any person
| | | | | | | | | | | | | | |
or corporation, in contemplation of a case under Title 11 by or against
| | | | | | | | | | | | |
him or any other person or corporation, or with intent to defeat the
| | | | | | | | | | | | |
provisions of Title 11 - CORRECT ANSWER✔✔-knowingly and
| | | | | | | |
fraudulently transfers or conceals any of his property or the property of
| | | | | | | | | | | |
such other person or corporation.
| | | |
The most common bankruptcy crime is the __________ rightfully
| | | | | | | | |
belonging to the debtor estate - CORRECT ANSWER✔✔-concealment of
| | | | | | | | |
assets
Answers
Bankruptcy - CORRECT ANSWER✔✔-a legal status of a person or other
| | | | | | | | | | |
entity that cannot repay the debts it owes to creditors.
| | | | | | | | |
Bankruptcy helps people who can no longer pay their debts get a fresh
| | | | | | | | | | | | |
start by - CORRECT ANSWER✔✔-liquidating assets to pay their debts or
| | | | | | | | | | |
by creating a repayment plan
| | | |
Only a federal ______________ can administer bankruptcies - CORRECT
| | | | | | | | |
ANSWER✔✔-Bankruptcy Court, not state, only federal | | | | |
liquidation - CORRECT ANSWER✔✔-the sale of a debtor's nonexempt
| | | | | | | | |
property and the distribution of the proceeds to creditors
| | | | | | | |
Chapter 13 allows a debtor to - CORRECT ANSWER✔✔-keep property
| | | | | | | | | |
and pay debts over time, usually three to five years.
| | | | | | | | |
In a Chapter 7 Bankruptcy - CORRECT ANSWER✔✔-"Liquidation") the
| | | | | | | | |
trustee gathers the debtor's non-exempt property, managing the funds
| | | | | | | | |
, from the sale of those assets, and then paying expenses and distributing
| | | | | | | | | | |
the balance to the owed creditors.
| | | | | |
Non-Dischargeable Debts - CORRECT ANSWER✔✔-you will still owe | | | | | | | |
them regardless of bankruptcy. Taxes, student loans, etc.
| | | | | | |
341 Meeting - CORRECT ANSWER✔✔-A meeting run by the trustee
| | | | | | | | | |
where the debtor is placed under oath
| | | | | |
Title 18, U.S. Code, Section 152. This is the most comprehensive criminal
| | | | | | | | | | |
bankruptcy fraud statute; it serves as the primary bankruptcy crime
| | | | | | | | | | |
statute for - CORRECT ANSWER✔✔-prosecuting bankruptcy fraud
| | | | | |
A person who in a personal capacity or as agent or officer of any person
| | | | | | | | | | | | | | |
or corporation, in contemplation of a case under Title 11 by or against
| | | | | | | | | | | | |
him or any other person or corporation, or with intent to defeat the
| | | | | | | | | | | | |
provisions of Title 11 - CORRECT ANSWER✔✔-knowingly and
| | | | | | | |
fraudulently transfers or conceals any of his property or the property of
| | | | | | | | | | | |
such other person or corporation.
| | | |
The most common bankruptcy crime is the __________ rightfully
| | | | | | | | |
belonging to the debtor estate - CORRECT ANSWER✔✔-concealment of
| | | | | | | | |
assets
