HS 321 EXAM 3 QUESTIONS AND ANSWERS LATEST UPDATE 2025-2026
Bankruptcy - Answers 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 - Answers
liquidating assets to pay their debts or by creating a repayment plan
Only a federal ______________ can administer bankruptcies - Answers Bankruptcy Court, not state,
only federal
liquidation - Answers the sale of a debtor's nonexempt property and the distribution of the
proceeds to creditors
Chapter 13 allows a debtor to - Answers keep property and pay debts over time, usually three to
five years.
In a Chapter 7 Bankruptcy - Answers "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 - Answers you will still owe them regardless of bankruptcy. Taxes,
student loans, etc.
341 Meeting - Answers 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 - Answers 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 - Answers 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 -
Answers concealment of assets
A false tax return is considered fraudulent if the responsible party has _______ the government
of owed tax dollars. - Answers knowingly attempted to defraud
If a taxpayer's underpayment is ___________, the government may impose a ________of the
portion of the underpayment that is attributable to fraud. - Answers attributable to fraud, penalty
of 75 percent
Money laundering placement - Answers Depositing cash
Bankruptcy - Answers 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 - Answers
liquidating assets to pay their debts or by creating a repayment plan
Only a federal ______________ can administer bankruptcies - Answers Bankruptcy Court, not state,
only federal
liquidation - Answers the sale of a debtor's nonexempt property and the distribution of the
proceeds to creditors
Chapter 13 allows a debtor to - Answers keep property and pay debts over time, usually three to
five years.
In a Chapter 7 Bankruptcy - Answers "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 - Answers you will still owe them regardless of bankruptcy. Taxes,
student loans, etc.
341 Meeting - Answers 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 - Answers 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 - Answers 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 -
Answers concealment of assets
A false tax return is considered fraudulent if the responsible party has _______ the government
of owed tax dollars. - Answers knowingly attempted to defraud
If a taxpayer's underpayment is ___________, the government may impose a ________of the
portion of the underpayment that is attributable to fraud. - Answers attributable to fraud, penalty
of 75 percent
Money laundering placement - Answers Depositing cash
