MGMT 455 Final Study Guide 50 Practice Test with answers

The debtor in a Chapter 7 bankruptcy proceeding may petition to only a discharge medical debts - ️️False (Chapter 7 you keep everything and pay nothing) A chapter 7 bankruptcy debtor may transfer his bass boat to his brother bob within one year of filing bankruptcy and not have to be concerned with the trustee requiring his brother to return the bass boat - ️️False-(Is a preferential transfer) A Chpt 7 bankruptcy debtor may have his entire bankruptcy thrown out and be required to pay all of his debts if he were to violate an Order of the Bankruptcy Court - ️️True A Chpt. 7 bankruptcy debtor does receive a discharge from any liens that are being assessed against his car - ️️False (Exemptions for Chpt7) A Chpt 7. debtor may redeem his auto from a secured creditor by paying the balance of the debt that is owed to the secured creditor in a lump sum payment - ️️False (Pay nothing in chpt7) (payments for any bankruptcy are not lump sum-installment only) A debtor in a chpt. 7 bankruptcy proceeding is entitled to claim as exempt the value of tangible personal property up to the sum of $4,000 - ️️False A debtor in a chpt. 7 bankruptcy proceeding may claim as exempt the equity in the family residence not to exceed $15,000. - ️️True Compensatory damages are those damages that are assessed against a losing party that are typically in a large amount in order to dissuade the offending party from committing the same act at a later date. - ️️False-(Just to pay back those who suffered damages)