Bankruptcy

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Under the Fair Credit Reporting Act, the federal statute that regulates credit reporting agencies, a bankruptcy filing as a public record can appear on the debtor's credit history for __ years following date of filing though many credit reporting agencies retain information regarding a Chapter 13 filing for only __ years following filing.

10; 7

The debtor-in-possession has the exclusive right for ___ days following the order for relief to file a proposed plan of reorganization.

120

A debtor's Chapter 13 plan must be filed with the petition or within how many days thereafter?

14

If the debtor-in-possession does file a proposed plan during the exclusivity period then no competing plan can be filed until ___ after the petition is filed.

180

Once a debtor receives a discharge in Chapter 13, how soon can he or she file another Chapter 13 case?

2 years

The term of a Chapter 13 plan may be for:

3-5 years

The debtor must commence making payments under the plan within how many days of filing the petition or the proposal of a plan, whichever is earlier?

30

Which of the following debtors may be eligible to file a Chapter 13 bankruptcy? Choose as many as apply.

An individual who is paid on commission. Correct! An individual with an income sufficiently stable to make payments under a plan. Correct! An individual who is retired.

Which of the following debtors may be eligible to file a Chapter 13 bankruptcy? Choose as many as apply:

An individual who is retired Correct! An individual with an income sufficiently stable to make payments under a plan Correct! An individual who is paid on commission

Failing to abide by a lawful court order can lead to which of the following consequences:

Both

Which of the bankruptcy proceedings is the most complex, time-consuming, and expensive?

Chapter 11

Under which Chapters are debtors considered "debtors in possession" as defined in the Bankruptcy Code? Choose as many as apply.

Chapter 11 Chapter 12

After which type of bankruptcy proceeding will a business cease to exist?

Chapter 7

Which of the following is not relevant in an inquiry into good faith?

Debtor's political and religious preferences

Which of the following would not apply when a court is choosing whether to dismiss or convert a Chapter 13 case?

Debtor's political and religious preferences

Which of the following debts might be discharged in a Chapter 13 case?

Debts incurred through negligent breach of contract

Which of the following debts might be discharged in a Chapter 7 case?

Debts incurred through negligent breach of contract

Failure to complete a post-petition financial management course can lead to which of the following consequences:

Denial of discharge

A Chapter 13 case can be commenced involuntarily.

False

A debtor must be employed to file a Chapter 13 case.

False

Any obligation arising out of embezzlement or larceny cannot be discharged in bankruptcy but only if accompanied by breach of a fiduciary duty.

False

Chapter 12 bankruptcy may be initiated by an involuntary petition filed by creditors.

False

Chapter 13 debtors are allowed to cram down the amount owed on any undersecured claim to the present value of the collateral.

False

In a Chapter 13 case there is no first meeting of creditors because the debtor normally files a plan along with the petition.

False

Individuals cannot file for Chapter 11 reorganization, only entities.

False

No tax obligation, no matter how old, can be discharged in a Chapter 7 case.

False

Only the standing trustee may object to a Chapter 13 plan being confirmed.

False

The Bankruptcy Code permits a debtor to file proceedings for liquidation only.

False

The bankruptcy trustee cannot challenge a Chapter 13 debtor's calculations of projected disposable income.

False

When arrearages exist on secured claims, the plan must propose to pay both the arrearages and the original obligation in full during the term of the plan

False

The form used by the Chapter 13 debtor to calculate his or her applicable commitment period is:

Official Form 122C-1

The form used by the above median Chapter 13 debtor to determine his or her projected disposable income is:

Official Form 122C-2

BAPCPA made Chapter 12 a permanent part of the Bankruptcy Code.

True

Chapter 13 trustees do not usually bring turnover or avoidance actions for the estate.

True

Debts not listed on debtor's schedules are not discharged in a bankruptcy case.

True

Most objections to a Chapter 13 plan are worked out at the first meeting of creditors.

True

No creditor or other party in interest may file a competing plan in a Chapter 9 bankruptcy case.

True

Partnerships and corporations engaged in farming and fishing can be eligible to file Chapter 12 bankruptcy.

True

Priority claims may be paid in installments over the term of the plan.

True

Priority claims must be paid 100% in a Chapter 13 plan.

True

Student loans are generally nondischargable absent a showing of "undue hardship."

True

The Bankruptcy Code does not place a limit on the duration of a Chapter 11 plan of reorganization.

True

The Chapter 11 debtor in possession is given the turn over and avoidance powers of a bankruptcy trustee.

True

The Chapter 13 Plan provides for payment of creditors from the debtor's future earnings.

True

The Chapter 13 debtor may not incur any non-emergency post-petition debt other than normal living expenses without approval of the standing trustee.

True

The court can dismiss any Chapter 7 case on a showing that the petition was filed in bad faith or on a determination that the filing of the case is an abuse of the system from the totality of the circumstances.

True

The definition of current monthly income for a Chapter 13 debtor is the same as that for a Chapter 7 individual consumer debtor completing the means test.

True

The standing trustee in a Chapter 13 case has additional unique duties not applicable in Chapter 7.

True

To confirm a less than 100% plan under Chapter 13, the plan must result in unsecured creditors receiving at least as much under the plan as they would receive if the debtor's assets were liquidated under Chapter 7.

True

Upon confirmation, the property of the estate vests in the debtor free and clear of any claim or interest of any creditor provided for in the plan unless the plan or the order of confirmation state otherwise.

True

Upon filing of a Chapter 11 petition, a bankruptcy trustee is not immediately appointed.

True

A 100% Chapter 13 plan is one where:

all unsecured claims are paid in full

The required term of a Chapter 13 plan is known as the:

applicable commitment period

The Supreme Court held in Hamilton v. Lanning that computation of the Chapter 13 debtor's projected disposable income over the term of the plan is to take into consideration changes in debtor's income that:

are known or virtually certain to occur

The debtor's right known as cramdown is most commonly applied to:

automobiles

A debtor's unreasonable delay may result in which consequences? Choose as many as apply.

dismissal of bankruptcy filing denial of discharge

In a Chapter 13 plan, the debtor retains enough income to pay his basic living expenses, then turns over the excess income, called __________, to the trustee to be disbursed to creditors as called for in the plan.

disposable income

A debtor doesn't qualify for Chapter 7 if he previously received a discharge under Chapter 7 or Chapter 11 within _____ years preceding the file of this petition.

eight

Which term or phrase describes a proposed plan in which the debtor will be able to make all payments required and will otherwise be able to comply?

feasible

A debtor may not receive a discharge under Chapter 13 within _____ years of a prior discharge under Chapters 7, 11, or 12.

four

Which of the following examines whether the debtor has acted with honesty, integrity, and fairness throughout the bankruptcy process?

good faith

Which term or phrase describes an examination into whether the debtor has acted with honesty, integrity, and fairness throughout the bankruptcy process?

good faith

Which term or phrase describes a discharge that provides relief to a debtor whose failure to complete payments under the plan is beyond his control?

hardship

Which of the following provides relief to a debtor whose failure to complete payments under the plan is beyond his control?

hardship discharge

What type of debtors are eligible to file under Bankruptcy Chapter 9? CHOOSE AS MANY AS APPLY.

municipalities

After confirmation of the Chapter 13 plan, the debtor may not incur which of the following without permission of the standing trustee? Choose as many as apply.

new debt

Which type of lien may be avoided in Chapter 13?

one that impairs an exemption in debtor's property

Which type of claims must be paid in full in the Chapter 13 plan?

priority

Which proceeding involves the rearrangement of a debtor's finances under a court-approved plan?

reorganization

Present value is defined as the:

replacement value

Proposals for payments on secured claims during the plan and beyond are known as: (Choose as many as apply)

ride through Correct! pay through

The creditor's committee in a Chapter 11 case normally consists of how many of the largest unsecured creditors?

seven

A debtor doesn't qualify for Chapter 7 if she previously received a discharge under Chapter 13 or Chapter 12 within _____ years preceding the filing of this petition.

six

The concept that unsecured creditors must receive at least as much under the Chapter 13 plan as they would have received in a Chapter 7 liquidation is known as:

the best interests test

One difference between attorney's fees in a Chapter 13 case and a Chapter 7 case is that in a Chapter 13 case:

the fee agreement must be approved by the court

The Chapter 13 plan of an above median debtor must run five years unless

the plan calls for secured creditors to receive 100% of their allowed claims

The automatic stay in a Chapter 13 case has one major difference from the automatic stay in a Chapter 7 case and that is:

the stay does protect a co-debtor from collection of consumer debt

In what way are most payments during the plan handled?

through the standing trustee

A fiduciary capacity arises when the debtor occupies what type of position as to another? Choose as many as apply.

trust confidence

A debtor may not receive a discharge under Chapter 13 within _____ years of a prior discharge under Chapter 13 or within _____ years of a prior discharge under Chapters 7, 11, or 12.

two; four

A Chapter 13 plan is often referred to by the percentage to be paid of _____ debt.

unsecured

For which type of claims may the Chapter 13 plan propose to create classes which may be treated differently from one another?

unsecured

When may the Chapter 13 debtor receive a discharge?

when the plan is completed

A "Chapter 20" case describes:

where a debtor receives a discharge in Chapter 7 and then soon after files a Chapter 13 case


Kaugnay na mga set ng pag-aaral

Psych EAQs 1-5 Foundations and Practice of Mental Health

View Set

Printreading For Residential Construction CH. 1-3

View Set

Compensation and Benefits Exam 2 Prep

View Set

Module 1: Basic Concepts of Wildland Fire

View Set