The Legal Environment of Business
Quiz 13: Bankruptcy
A Composition Is an Agreement by Creditors to Accept Less
A composition is an agreement by creditors to accept less than the full amount of the debt and to discharge the debtor from further liability.
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The current bankruptcy law,which was adopted by the U.S.Congress in 2005,is the: A)Bankruptcy Reform Act. B)Chandler Act. C)Bankruptcy Act. D)Bankruptcy Abuse Prevention and Consumer Protection Act. E)Bankruptcy and Insolvency Act.
Bankruptcy trustees are government lawyers appointed by the: A)US Courts of Appeal. B)US Solicitor General. C)US House Committee on the Judiciary. D)US Circuit Courts. E)US Attorney General.
Which of the following chapters of the BAPCPA applies to all debtors except railroads,insurance companies,most banks and credit unions,and homestead associations? A)Chapter 7 B)Chapter 9 C)Chapter 15 D)Chapter 12 E)Chapter 13
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