282. A is issued by the clerk of the court and directs the sheriff to seize and sell any of the debtor’s nonexempt
real or personal property within the court’s jurisdiction.
a. writ of judgment
b. writ of attachment
c. writ of execution
d. writ of sale
e. writ of lien
283. A is issued by the clerk of the court and directs the sheriff to seize and sell any of the debtor’s nonexempt
real or personal property within the court’s jurisdiction.
a. writ of judgment
b. writ of attachment
c. writ of explanation
d. writ of sale
e. none of the other choices are correct
284. Each year, approximately how many individuals in the U.S. file for bankruptcy?
a. ten thousand
b. twenty thousand
c. one hundred thousand
d. five hundred thousand
e. over one million
285. Each year, approximately how many individuals in the U.S. file for bankruptcy?
a. ten thousand
b. twenty thousand
c. one hundred thousand
d. five hundred thousand
e. none of the other choices are near the correct number
286. Bankruptcy law:
a. is federal statutory law
b. is controlled by the Bankruptcy Code
c. is largely state common law
d. is federal statutory law, primarily the Bankruptcy Code
e. is federal statutory law, primarily the Bankruptcy Code, and state bankruptcy codes
287. The framers of the Constitution specifically made bankruptcy a matter of:
a. state law
b. federal law
c. common law
d. arbitrary law
e. tort law
288. Every year people file for bankruptcy.
a. about 1.5 million
b. about 500,000
c. about 5 million
d. no more than 10,000
e. no more than 100,000
289. Every year businesses file for bankruptcy.
a. over 1.5 million
b. over 2.5 million
c. over 35,000
d. over 50,000
e. over 100,000
290. Bankruptcy:
a. may be forced upon a debtor
b. relieves a debtor of legal responsibility for all debts
c. cannot be declared by corporations
d. entitles all creditors to share equally
e. all of the other choices
291. Bankruptcy:
a. may not be forced upon a debtor by a creditor
b. relieves a debtor of legal responsibility for all debts
c. cannot be declared by corporations
d. entitles all creditors to share equally
e. none of the other choices
292. Before a person may file for bankruptcy the person must:
a. notify all creditors of the intent
b. notify all secured creditors of intent
c. exhaust all sources of income on debts
d. go to credit counseling
e. none of the other choices
293. Pre-bankruptcy counseling includes:
a. an evaluation of a person’s financial situation
b. a discussion of alternatives to bankruptcy
c. a personal budget plan
d. all of the other specific choices are included
e. none of the other specific choices are included
294. An evaluation of a person’s financial situation, a discussion of alternatives to bankruptcy, and a personal budget plan
are all included in:
a. pre-bankruptcy counseling
b. pre-debit counseling
c. creditor counseling
d. real counseling
e. financial counseling
295. Before a person may file for bankruptcy the person must:
a. notify all creditors of the intent
b. notify all secured creditors of intent
c. exhaust all sources of income on debts
d. contact a bankruptcy attorney
e. none of the other choices
296. Filing for bankruptcy under Chapter 7 of the bankruptcy code results in of debts.
a. liquidation
b. reorganization
c. reduction
d. reclaiming
e. negating
297. of the bankruptcy code means liquidation and fair distribution of the debtor’s non–exempt assets to the
creditors.
a. Chapter 7
b. Chapter 8
c. Chapter 13
d. Chapter 12
e. Chapter 5
298. of the bankruptcy code means liquidation and fair distribution of the debtor’s non–exempt assets to the
creditors.
a. Chapter 5
b. Chapter 8
c. Chapter 13
d. Chapter 12
e. none of the other choices are correct
299. Filing for bankruptcy under Chapter 13 of the bankruptcy code results in of debts.
a. liquidation
b. reorganization
c. reduction
d. reclaiming
e. negating
300. When filing for personal bankruptcy. A person is more likely to file for Chapter 13 rather than Chapter 7 if the
debtor’s income is:
a. higher than the state average income
b. lower than the state average income
c. not related to the choice of kind of bankruptcy chosen
d. expected to decline in future years
e. none of the other choices
301. When a debtor petitions the court for Chapter 7 bankruptcy, which item(s) must be provided?
a. lists of all creditors with amounts owed them
b. a list of all property owned by the debtor
c. a statement of the financial affairs of the debtor
d. a statement of the debtor’s current income and expenses
e. all of the other choices
302. When a debtor petitions the court for Chapter 7 bankruptcy, which of the following items need not be provided?
a. lists of all creditors with amounts owed them
b. a list of all property owned by the debtor
c. a statement of the financial affairs of the debtor
d. a statement of the debtor’s current income and expenses
e. all of the other choices must be provided
303. When a debtor petitions the court for Chapter 7 bankruptcy, which of the following items need not be provided?
a. a list of all creditors with amounts owed them
b. a list of all property owned by the debtor
c. a statement of the financial affairs of the debtor
d. a list of planned future expenditures
e. all of the other choices must be provided
304. In a(n) , creditors file a petition with the court, forcing the declaration of bankruptcy and the beginning of
proceedings.
a. voluntary bankruptcy
b. involuntary bankruptcy
c. real bankruptcy
d. corporate bankruptcy
e. realized bankruptcy
305. In a , creditors file a petition with the court, forcing the declaration of bankruptcy and the beginning of
proceedings.
a. voluntary bankruptcy
b. realized bankruptcy
c. real bankruptcy
d. corporate bankruptcy
e. none of the other choices are correct
306. Voluntary Chapter 13 bankruptcies:
a. apply to corporations only
b. apply to businesses with debt of more than $1 million
c. permit business to reorganize while paying debt
d. apply to individuals only
e. apply only to corporations with debts of more than $1 million
307. Under a Chapter 13 bankruptcy the:
a. debtor keeps the estate’s property
b. debtor is relieved of all property
c. estate is administered by a court-appointed trustee only
d. debtor keeps the estate‘s property and the estate is administered only by a court-appointed trustee
e. debtor is relieved of most property and estate is administered by a court-appointed trustee only
308. Under a Chapter 13 bankruptcy the:
a. debtor keeps the estate’s property
b. debtor is relieved of all property
c. estate is administered by a court-appointed trustee only
d. debtor keeps the estate‘s property and the estate is administered jointly with a court-appointed trustee
e. debtor is relieved of most property and estate is administered by a court-appointed trustee only
309. Debts of the bankrupt under Chapter 13:
a. are all discharged
b. are discharged, if they involve past taxes
c. are discharged, if they involve alimony
d. are discharged only in part
e. are not discharged
310. Debts of the bankrupt under Chapter 13:
a. are all discharged
b. are discharged, if they involve past taxes
c. are discharged, if they involve alimony
d. are discharged only in part
e. none of the other choices
311. Under a Chapter 13 proceeding, debts must be repaid usually:
a. within one year
b. within three years
c. within five years
d. as soon “as practically possible”
e. none of the other choices; all debts are liquidated
312. Under a Chapter 13 proceeding, debts must be repaid usually:
a. within one year
b. within three years
c. never; all debts are liquidated
d. as soon “as practically possible”
e. none of the other choices
313. Someone who files for bankruptcy under Chapter 13 files:
a. a plan for payment of creditors over five years
b. a plan for payment of creditors over ten years
c. a statement describing why he cannot pay his creditors
d. a promissory note
e. a declaration of debt
314. Someone who files for bankruptcy under Chapter 13 files:
a. a declaration of debt
b. a plan for payment of creditors over ten years
c. a statement describing why he cannot pay his creditors
d. a promissory note
e. none of the other choices are correct
315. Under proceedings the debtor files a plan for payment of creditors over five years.
a. Chapter 13
b. Chapter 7
c. Chapter 5
d. Chapter 11
e. Chapter 6
316. Under proceedings the debtor files a plan for payment of creditors over five years.
a. Chapter 9
b. Chapter 7
c. Chapter 5
d. Chapter 11
e. none of the other choices are correct
317. Under Chapter 13, which kind of debt is subject to a different repayment schedule?
a. personal property debt
b. short-term debt
c. unsecured debt
d. long-term, secured debt
e. none of these
318. In In re Darby Darby had filed for Chapter 13 bankruptcy. The cable company refused to provide him service
despite his promise of future payments. The appeals court held that:
a. cable service is considered long–term, secured debt, so it would be provided on a regular payment basis or
would be cut off
b. cable service is a utility and, under the Bankruptcy Code, will be provided on a month-by–month payment
basis
c. cable service is a utility that must be provided without interruption even if the consumer cannot pay the bill in
full monthly
d. cable service is not a utility that had to be provided
e. none of these
319. In In re Darby Darby had filed for Chapter 13 bankruptcy. The cable company refused to provide him service
despite his promise of future payments. The appeals court held that:
a. cable service is considered long–term, secured debt, so it would be provided on a regular payment basis or
would be cut off
b. cable service is a utility and, under the Bankruptcy Code, will be provided on a month-by–month payment
basis
c. cable service is a utility that must be provided without interruption even if the consumer cannot pay the bill in
full monthly
d. the cable company either had to provide service or find another provider, including satellite; consumers must
have at least one available
e. none of these
320. In In re Darby Darby had filed for Chapter 13 bankruptcy. The cable company refused to provide him service
despite his promise of future payments. The appeals court held that:
a. cable service is not a necessity so Time Warner is exempt from the bankruptcy code
b. cable service is a necessity so Time Warner had to provide it under the bankruptcy code
c. cable service is not a necessity, but Time Warner still had a duty to provide it since Darby had properly
declared bankruptcy
d. cable service is a necessity, but is not covered by the bankruptcy code
e. cable service is an example of long-term, secured debt and Time Warner was wrong to deny it to Darby
321. In In re Darby Darby had filed for Chapter 13 bankruptcy. The cable company refused to provide him service
despite his promise of future payments. The appeals court held that:
a. cable service is an example of long-term, secured debt and Time Warner was wrong to deny it to Darby
b. cable service is a necessity so Time Warner had to provide it under the bankruptcy code
c. cable service is not a necessity, but Time Warner still had a duty to provide it since Darby had properly
declared bankruptcy
d. cable service is a necessity, but is not covered by the bankruptcy code
e. none of the other choices are correct
322. The trustee in bankruptcy:
a. takes possession of and liquidates the debtor’s exempt property upon the debtor’s declaration of bankruptcy
b. administers the debtor’s estate
c. attempts to improve the status of the general creditors
d. takes possession of and liquidates the debtor’s exempt property upon the debtor’s declaration of bankruptcy
and administers the debtor’s estate
e. takes possession of and liquidates the debtor’s exempt property upon the debtor’s declaration of bankruptcy
and administers the debtor’s estate and attempts to improve the status of general creditors
323. The primary objective of the trustee is:
a. to deplete the debtor‘s estate
b. to protect general creditors first
c. to ensure that the debtor’s exempt property is liquidated
d. to maximize the amount of the debtor’s assets available for distribution to creditors
e. to maximize the amount of the debtor‘s assets that the trustee is paid
324. The primary objective of the trustee is:
a. to deplete the debtor‘s estate
b. to protect general creditors first
c. to ensure that the debtor’s exempt property is liquidated
d. to maximize the amount of the debtor’s assets that the trustee is paid
e. none of the other choices
325. The in a bankruptcy proceeding must assure that no creditor has improved its relative position.
a. judge
b. leader
c. debtor
d. trustee
e. payee
326. Bankruptcy proceedings hold that transfers of debtor‘s property to the bankruptcy filing are void.
a. up to 90 days prior
b. up to 30 days prior
c. up to 5 days prior
d. up to 120 days
e. up to 7 days
327. Liquidation takes place though unless otherwise ordered by the court.
a. a sale at a public auction
b. eBay
c. a private dispersal sale
d. an estate sale
e. a fixed price auction
328. In the case of bankruptcy, which of the following classes of creditors have highest priority?
a. federal taxes
b. costs of preserving and administering the debtor‘s estate
c. secured creditors
d. rent claims
e. general creditors
329. In the case of bankruptcy, which of the following classes of creditors have lowest priority?
a. federal taxes
b. costs of preserving and administering the debtor‘s estate
c. secured creditors
d. rent claims
e. general creditors
330. The final stage of bankruptcy is known as:
a. disruption in bankruptcy
b. removal in bankruptcy
c. distancing of the debtor
d. discharge in bankruptcy
e. divorce from the proceedings