1. Insolvency cases that involve assets, debtors, and claimants are handled under Chapter _____
bankruptcy.
(1 point)
9
11
13
15
2. Any individual with unsecured debts less than _____ may consider filing for Chapter 13
bankruptcy.
(1 point)
$8,000
$24,567
$336,900
$442,500
3. In the most common bankruptcy proceedings, debtors file petitions to the bankruptcy court
asking the court to
(1 point)
reallocate debt.
redistribute debt.
discharge their debt.
provide a “no-harassment” court order.
4. Chapter _____ bankruptcy is primarily filed by corporations in hopes of reorganizing their
business.
(1 point)
6
7
11
13
5. Liquidation, or Chapter _____ bankruptcy, provides for a sell-off of any nonexempt property
for cash on the debtor’s behalf.
(1 point)
7
9
11
13
6. The first step in filing for Chapter 7 bankruptcy is (1 point)
hiring a paralegal.
forming a statement of financial affairs.
scheduling outstanding contracts and leases.
filing a petition for bankruptcy with the bankruptcy court.
7. _____ creditors have liens or mortgages with the debtor. (1 point)
Priority
Secured
Subordinated
Unsecured
8. Financially strapped farmers and fishermen can seek assistance by filing for Chapter _____
bankruptcy.
(1 point)
7
11
12
15
9. In case of Chapter _____ bankruptcy, debt is steadily paid off over a period of time. (1 point)
6
7
11
13
10. Which is not a task of the bankruptcy trustee? (1 point)
ensures that the debtor begins repayment
gathers the debtor’s funds in excess of exemptions
monitors the progress of a bankruptcy case
represents the debtor when meeting with the creditors
@Writeacher
Your opinion has not been requested please put your head inside a toilet bowl
I think question order is randomized per test so here are the answers in the order you gave the questions. Others can just find whatever they are looking for in the corresponding list
1) D 15
2) C $336,900
3) D discharge their debt
4) C 11
5) A 7
6) D filing a petition for bankruptcy with the bankruptcy court
7) B Secured
8) C 12
9) D 13
10) D represents the debtor when meeting with the creditors
That is 100%
I wish you all the best in your future study endeavors :)
Answer King is correct! God bless anyone reading this! <3
1. To determine the correct chapter of bankruptcy that handles insolvency cases involving assets, debtors, and claimants, you can refer to the U.S. Bankruptcy Code. The relevant chapters for insolvency cases are Chapter 7 and Chapter 11. Chapter 7 bankruptcy involves liquidation, while Chapter 11 bankruptcy deals with business reorganization. Therefore, the correct answer would be Chapter 11 bankruptcy.
2. To identify the threshold for unsecured debts in order to consider filing for Chapter 13 bankruptcy, you would need to consult the U.S. Bankruptcy Code or seek advice from a bankruptcy attorney. The answer options provided do not give any specific information about the threshold for unsecured debts. Therefore, additional information is required to determine the correct answer.
3. In the most common bankruptcy proceedings, debtors file petitions to the bankruptcy court asking the court to discharge their debt. This information can be found by understanding the primary purpose of bankruptcy filings. Bankruptcy allows individuals and businesses to eliminate or reduce their debts and start fresh. Therefore, the correct answer is "discharge their debt."
4. To determine which chapter of bankruptcy is primarily filed by corporations in hopes of reorganizing their business, it is necessary to review the U.S. Bankruptcy Code. Chapter 11 bankruptcy is commonly used by corporations for reorganization purposes. Therefore, the correct answer is Chapter 11 bankruptcy.
5. To identify the chapter of bankruptcy that provides for the sell-off of any nonexempt property for cash on the debtor's behalf, you would need to consult the U.S. Bankruptcy Code. Chapter 7 bankruptcy involves liquidation, where nonexempt property is sold to repay debts. Therefore, the correct answer is Chapter 7 bankruptcy.
6. The first step in filing for Chapter 7 bankruptcy is to file a petition for bankruptcy with the bankruptcy court. This information can be found by understanding the general process of filing for bankruptcy. Filing the petition initiates the bankruptcy case. Therefore, the correct answer is "filing a petition for bankruptcy with the bankruptcy court."
7. Secured creditors have liens or mortgages with the debtor. This information can be understood by knowing the distinction between secured and unsecured debts. Secured creditors have a legal claim on specific assets as collateral, while unsecured creditors do not. Therefore, the correct answer is "secured."
8. To determine which chapter of bankruptcy financially strapped farmers and fishermen can seek assistance by filing, you would need to consult the U.S. Bankruptcy Code. Chapter 12 bankruptcy specifically addresses the needs of family farmers and fishermen. Therefore, the correct answer is Chapter 12 bankruptcy.
9. In the case of Chapter 13 bankruptcy, debt is steadily paid off over a period of time. This information can be understood by knowing the purpose of Chapter 13 bankruptcy, which allows individuals with regular income to create a repayment plan to pay off their debts over a specified period. Therefore, the correct answer is Chapter 13 bankruptcy.
10. The bankruptcy trustee is responsible for various tasks in a bankruptcy case; however, ensuring that the debtor begins repayment is not one of their tasks. The trustee's main responsibilities include gathering the debtor's funds, monitoring the progress of the bankruptcy case, and representing the debtor when meeting with the creditors. Therefore, the correct answer is "ensures that the debtor begins repayment."
You posted an entire test or quiz without a thought of your own? Wow!
Once you post what YOU THINK, a tutor might be able to check your work.