BUL 3320 - Law and Business – Welker Exam
with Solutions
Payment to unsecured creditors - Answer Priority of Unsecured creditors claims:
1. Unsecured claims for domestic support obligations to a spouse, former spouse, or
child of the debtor.
2.
US Bankruptcy Courts - Answer Special Federal courts that hear and decide bankruptcy
cases
Bankruptcy attorney certification - Answer Whereby an attorney who represents a client
in bankruptcy must certify the accuracy of the information contained in the bankruptcy
petition and the schedules under penalty of the perjury.
Pre-petition Counseling - Answer Must receive counseling within 180 days prior to filing
his or her petition for bankruptcy.
Post-petition Counseling - Answer Post-petition debt is all debt that you incur after your
bankruptcy case is filed. These debts will not be a part of your bankruptcy case and
cannot be discharged. You are still liable on this debt and must pay for it. The
bankruptcy cannot help you with post-petition debt.
Domestic Support Obligations - Answer a Domestic Support Obligation is a debt owed to
a child, parent, spouse or former spouse, now or later. This debt can be for alimony,
maintenance or support pursuant to a court order such as a divorce decree, or an
agreement such as separation or property agreement
,Bankruptcy Exemptions - Answer 1. Interest up to $21, 625 in equity in property used as
residence and burial plots (called the homestead exemption)
2. Interest up to $3,450 in value in one motor vehicle
3. Interest up to $550 per item in household goods and furnishings, wearing apparel,
appliances, books
Homestead Exemptions - Answer A legal regime designed to protect the value of the
homes of residents from property taxes, creditors, and circumstances arising from the
death of the homeowner spouse.
Means Test - Answer determination of whether an individual or family is eligible for
government assistance, based upon whether the individual or family possesses the
means to do without that help.
-
Federal Bankruptcy Law - Answer rovides for the development of a plan that allows a
debtor, who is unable to pay his creditors, to resolve his debts through the division of
his assets among his creditors.The philosophy behind the law is to allow the debtor to
make a fresh start, not to be punished for inability to pay debts. Bankruptcy law allows
certain debtors to be discharged of the financial obligations they have accumulated,
after their assets are distributed, even if their debts have not been paid in full. Some
bankruptcy proceedings allow a debtor to stay in business and use business income to
pay his or her debts.
Required types of income to file for bankruptcy - Answer Wages, salary, commissions,
income from investment, Social Security income,
Student Loans - Answer Are defined to include loans made by or guaranteed by
governmental units, student loans made by nongovernmental commercial institutions
such as banks, as well as funds for scholarships, benefits or stipends granted by
educational institutions.
, Union Agreements - Answer Written, legally enforceable contract for a specified period
(usually one year), between the management of an organization and its employees
represented by an independent trade union. It sets down and defines conditions of
employment (wages, working hours and conditions, overtime payments, holidays,
vacations, benefits, etc.) and procedures for dispute resolution. Also called labor
agreement, union agreement, or union contract.
Reorganization - Answer A bankruptcy method that allows the reorganization of the
debtors financial affairs under the supervision of the bankruptcy court.
Adjustment - Answer
Statute of frauds - Answer the Statute of Frauds is a law which provides that no lawsuit
can be maintained on certain classes of contracts or agreements unless there is a note
or memorandum thereof in writing signed by the party to be charged or by his
authorized agent.
Express Agency - Answer An agency that occurs when a principal and an agent expressly
agree to enter into an agency agreement with each other
Exclusive Agency Contract - Answer A contract a principal and agent enter into that says
the principal cannot employ any agent other than the exclusive agent.
Dual Agency - Answer Dual Agency occurs when an agent acts for two or more different
principals in the same transaction.
Revocation of Agency - Answer By agreement
with Solutions
Payment to unsecured creditors - Answer Priority of Unsecured creditors claims:
1. Unsecured claims for domestic support obligations to a spouse, former spouse, or
child of the debtor.
2.
US Bankruptcy Courts - Answer Special Federal courts that hear and decide bankruptcy
cases
Bankruptcy attorney certification - Answer Whereby an attorney who represents a client
in bankruptcy must certify the accuracy of the information contained in the bankruptcy
petition and the schedules under penalty of the perjury.
Pre-petition Counseling - Answer Must receive counseling within 180 days prior to filing
his or her petition for bankruptcy.
Post-petition Counseling - Answer Post-petition debt is all debt that you incur after your
bankruptcy case is filed. These debts will not be a part of your bankruptcy case and
cannot be discharged. You are still liable on this debt and must pay for it. The
bankruptcy cannot help you with post-petition debt.
Domestic Support Obligations - Answer a Domestic Support Obligation is a debt owed to
a child, parent, spouse or former spouse, now or later. This debt can be for alimony,
maintenance or support pursuant to a court order such as a divorce decree, or an
agreement such as separation or property agreement
,Bankruptcy Exemptions - Answer 1. Interest up to $21, 625 in equity in property used as
residence and burial plots (called the homestead exemption)
2. Interest up to $3,450 in value in one motor vehicle
3. Interest up to $550 per item in household goods and furnishings, wearing apparel,
appliances, books
Homestead Exemptions - Answer A legal regime designed to protect the value of the
homes of residents from property taxes, creditors, and circumstances arising from the
death of the homeowner spouse.
Means Test - Answer determination of whether an individual or family is eligible for
government assistance, based upon whether the individual or family possesses the
means to do without that help.
-
Federal Bankruptcy Law - Answer rovides for the development of a plan that allows a
debtor, who is unable to pay his creditors, to resolve his debts through the division of
his assets among his creditors.The philosophy behind the law is to allow the debtor to
make a fresh start, not to be punished for inability to pay debts. Bankruptcy law allows
certain debtors to be discharged of the financial obligations they have accumulated,
after their assets are distributed, even if their debts have not been paid in full. Some
bankruptcy proceedings allow a debtor to stay in business and use business income to
pay his or her debts.
Required types of income to file for bankruptcy - Answer Wages, salary, commissions,
income from investment, Social Security income,
Student Loans - Answer Are defined to include loans made by or guaranteed by
governmental units, student loans made by nongovernmental commercial institutions
such as banks, as well as funds for scholarships, benefits or stipends granted by
educational institutions.
, Union Agreements - Answer Written, legally enforceable contract for a specified period
(usually one year), between the management of an organization and its employees
represented by an independent trade union. It sets down and defines conditions of
employment (wages, working hours and conditions, overtime payments, holidays,
vacations, benefits, etc.) and procedures for dispute resolution. Also called labor
agreement, union agreement, or union contract.
Reorganization - Answer A bankruptcy method that allows the reorganization of the
debtors financial affairs under the supervision of the bankruptcy court.
Adjustment - Answer
Statute of frauds - Answer the Statute of Frauds is a law which provides that no lawsuit
can be maintained on certain classes of contracts or agreements unless there is a note
or memorandum thereof in writing signed by the party to be charged or by his
authorized agent.
Express Agency - Answer An agency that occurs when a principal and an agent expressly
agree to enter into an agency agreement with each other
Exclusive Agency Contract - Answer A contract a principal and agent enter into that says
the principal cannot employ any agent other than the exclusive agent.
Dual Agency - Answer Dual Agency occurs when an agent acts for two or more different
principals in the same transaction.
Revocation of Agency - Answer By agreement
