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Exam 36: Bankruptcy

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Question 1

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Link negligently ran his car into John,causing $50,000 in injuries.Link was intoxicated at the time of the accident.Can Link discharge this debt in bankruptcy?

A) Yes, claims based on negligence are dischargeable.
B) Yes, as long as he didn't intend to hit John's car.
C) No, such claims are not dischargeable in bankruptcy.
D) No, because Link breached a fiduciary duty.

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Question 2

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Mark and Cynthia work for Bryson Supply Co.If the company files for Chapter 7 bankruptcy before paying their last month of wages and benefits,will they be able to recover anything from the company?

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One goal of the Bankruptcy Code is to en...

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Question 3

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Chapter 13 bankruptcy

The correct order of payment of claims from the debtor's estate would be

Francesca cannot serve as a trustee in a bankruptcy case because she is not a lawyer.

Peggy's credit card debts are mounting as her costs of insurance and fuel have dramatically increased and her income,from sporadic free-lance jobs,has dropped.Chapter 13 of the Bankruptcy Code will allow her to reorganize her debt while she keeps most of her assets.

Creditors of Northern Hydraulics file an involuntary bankruptcy petition against the company and the petition is approved.What is true of Northern Hydraulics?

Individual debtors are allowed to keep some assets in a Chapter 7 bankruptcy.

When a debtor no longer has an obligation to pay a debt,that debt has been

Grand Lighting Co.has filed a petition for voluntary bankruptcy under Chapter 7 of the Code.Which of the following will prohibit creditors from collecting debts that Grand Lighting incurred before the petition was filed?

Chapters 11 and 13 are liquidation chapters.

In a Chapter 13 bankruptcy,creditors cannot force a debtor into bankruptcy;nor can they vote to confirm or reject a plan of reorganization.

Under the federal Bankruptcy Code,the exemption amount for the debtor's personal residence is

An official acknowledgement that a debtor is under the jurisdiction of the bankruptcy court is called

Chapter 7 bankruptcy is also known as

Iris received a discharge under a Chapter 7 bankruptcy.She cannot receive another discharge under Chapter 7 for at least

The Bankruptcy Code uses the term "debtor" to refer to a person who cannot pay his debts.

Karen has filed for bankruptcy.Who has the authority to confirm or reject a plan of payment,and what factors will be considered when deciding whether to approve a repayment plan under Chapter 13?

Which of the following is a primary goal of the Bankruptcy Code?

When Dudley files his Chapter 7 petition,he lists the following debts: a.$25,000 in back child support and alimony. b.$15,000 for liabilities incurred after drinking and driving. c.$10,000 for past-due student loans. d.$5,000 for past-due rent to his landlord. e.$550 for a past-due phone bill. How will each of these debts be treated by the bankruptcy court.