Dynamic Business Law

Business

Quiz 32 :
Bankruptcy and Reorganization

Quiz 32 :
Bankruptcy and Reorganization

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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 included only minor changes to bankruptcy law.
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True False
Answer:

Answer:

False
Explanation: The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 includes the most comprehensive changes to bankruptcy law in over 25 years.

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Before a debtor files for one specific type of relief,the clerk of courts must give the debtor written notice of the other types of relief available.
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True False
Answer:

Answer:

True
Explanation: Before a debtor files for one specific type of relief, the clerk of courts must give the debtor written notice of the other types of relief available.

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Under Chapter 7,liquidation may be voluntary but not involuntary.
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True False
Answer:

Answer:

True
Explanation: Under Chapter 7, liquidation may be voluntary or involuntary.

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Assets that a debtor gains after filing a voluntary Chapter 7 bankruptcy petition are generally not part of the bankruptcy estate unless they fall under an exemption.
True False
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A debtor must be insolvent to file a voluntary petition for bankruptcy under Chapter 7.
True False
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In a Chapter 7 proceeding,a bankruptcy trustee may at times take over a debtor's business.
True False
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If a debtor fails to appear at the Chapter 7 creditors' meeting,the court may refuse to grant the bankruptcy.
True False
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Chapter 11 reorganization may be involuntary but not voluntary.
True False
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One of the requirements before a collective bargaining agreement can be rejected under Chapter 11 is that the debtor has first presented to the employee's representative the proposed changes to the collective bargaining agreement,and the employees reject the changes without good cause.
True False
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Some debts that are dischargeable under Chapter 13 are not dischargeable under Chapter 7.
True False
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Retirement funds in an IRA are not exempt in a Chapter 7 bankruptcy proceeding.
True False
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Which of the following did the court determine in In re Holsinger,the case in the text in which the debtor requested a waiver of debt-counseling under the Bankruptcy Abuse Prevention and Consumer Protection Act?
Multiple Choice
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Which of the following is a term used in bankruptcy for debtors who cannot pay their debts in a timely fashion?
Multiple Choice
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Congress first addressed bankruptcy relief in the ____.
Multiple Choice
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In which of the following did Congress make comprehensive changes to bankruptcy law?
Multiple Choice
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Which of the following chapters is used for a sale of a debtor's assets by a trustee and the distribution of money to creditors?
Multiple Choice
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Which of the following chapters is used as a reorganization of the debtor's financial affairs under supervision of the bankruptcy court?
Multiple Choice
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Which of the following chapters recognizes insolvency proceedings pending in a foreign country and relief for foreign debtors?
Multiple Choice
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Which of the following titles of the United States Code contains the Bankruptcy Code?
Multiple Choice
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Which of the following is true regarding the law that is relevant to bankruptcy claims?
Multiple Choice
Answer:
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