Question 1

Which of the following is an exception to an automatic stay?

Accepted Answer

A)   An obligation to a former spouse
B)   An obligation to a child
C)   Proceedings related to divorce
D)   All of these choices are correct.

Question 2

Which of the following parties cannot be a debtor in a liquidation bankruptcy?

Accepted Answer

A)   A husband and wife
B)   A private individual
C)   An insurance company
D)   A grocery store

Question 3

All law pertaining to environmental protection is known as which of the following?

Accepted Answer

A)   Environmental law
B)   Fish and game law
C)   Federal law
D)   Clean air and habitat law

Question 4

Which of the following parties cannot be a debtor in a liquidation bankruptcy?

Accepted Answer

A)   A husband and wife
B)   A private individual
C)   A savings and loan association
D)   A grocery store

Question 5

The document that is filed to commence a straight bankruptcy is the______ in bankruptcy.

Accepted Answer

A)   summons
B)   complaint
C)   application
D)   petition

Question 6

An individual whose debts are primarily consumer debts is known as a

Accepted Answer

A)   purchaser-debtor.
B)   consumer-debtor.
C)   common-debtor.
D)   bankrupt-debtor.

Question 7

The EPA can assess civil penalties of up to______ per day for violation of emission limits under the Clean Air Act.

Accepted Answer

A)   $100
B)   $500
C)   $10,000
D)   $25,000

Question 8

In bankruptcy proceedings, a(n)  _______is the debtor's favoring of one creditor over others by making payments or transferring property to that creditor at the expense of the rights of other creditors. Such payments may be recovered by the bankruptcy trustee.

Accepted Answer

A)   unauthorized payment
B)   preference
C)   preexisting payment
D)   priority

Question 9

If a debtor files a petition in bankruptcy, then the bankruptcy is considered a(n)  _______bankruptcy.

Accepted Answer

A)   involuntary
B)   voluntary
C)   volunteer
D)   free

Question 10

To penalize those for whom it is more cost-effective to violate the Clean Air Act than to comply with it, the EPA is authorized to obtain a penalty equal to the violator's

Accepted Answer

A)   annual profits.
B)   economic benefits from noncompliance.
C)   annual net profits.
D)   economic return on investment.

Question 11

Which of the following statements is true regarding paralegals and bankruptcy law?

Accepted Answer

A)   There is little use for paralegals in bankruptcy law.
B)   There will continue to be a demand for paralegals in bankruptcy law.
C)   There has never been a demand for paralegals in bankruptcy law.
D)   There is a decreasing demand for paralegals in bankruptcy law.

Question 12

Which of the following occurs when the debtor's creditors force the debtor into bankruptcy proceedings?

Accepted Answer

A)   Voluntary bankruptcy
B)   Creditor's bankruptcy
C)   Involuntary bankruptcy
D)   Forced bankruptcy

Question 13

The FWPCA was first passed in

Accepted Answer

A)   1900.
B)   1948.
C)   1969.
D)   1970.

Question 14

Which of the following is true of reorganizations?

Accepted Answer

A)   Reorganizations are governed by Chapter 7 of the Bankruptcy Code.
B)   Reorganizations are governed by Chapter 11 of the Bankruptcy Code.
C)   Reorganizations are governed by Chapter 13 of the Bankruptcy Code.
D)   Reorganizations are not governed by the Bankruptcy Code.

Question 15

Chapter 13 bankruptcy provides for which of the following?

Accepted Answer

A)   Adjustment of debts of persons with regular incomes
B)   Reorganization of a corporation
C)   Liquidation proceedings
D)   None of these choices is correct.

Question 16

A bankruptcy trustee can avoid fraudulent transfers or obligations if they were made within _____of the filing of the petition.

Accepted Answer

A)   two years
B)   five years
C)   ten years
D)   twelve years

Question 17

An individual debtor in a Chapter 7 bankruptcy may exclude certain property from the bankruptcy. This property includes which of the following?

Accepted Answer

A)   $200,000 in equity in his or her home
B)   $5,000 interest in an automobile
C)   Any unmatured life insurance owned by the debtor
D)   Tools of the debtor's trade up to an $8,000 value

Question 18

In distribution of the debtor's estate and property, secured creditors take priority over_______ creditors.

Accepted Answer

A)   unsecured
B)   regular
C)   standard
D)   All of these choices are correct.

Question 19

Nondischargeable debts in a Chapter 13 bankruptcy include which of the following?

Accepted Answer

A)   Claims for domestic-support obligations
B)   Payments on retirement accounts
C)   Debts for trust fund taxes
D)   All of these choices are correct.

Question 20

Megan observes BigOil, Inc. violating the EPA's Clean Air Act emission limits. She reports the violation to the EPA. Megan can be paid up to_______ for her information.

Accepted Answer

A)   $10,000
B)   $25,000
C)   $50,000
D)   $250,000

Exam 19: Bankruptcy and Environmental Law

Nondischargeable debts in a Chapter 13 bankruptcy include which of the following?

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A bankruptcy trustee can avoid fraudulent transfers or obligations if they were made within _____of the filing of the petition.

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The EPA can assess civil penalties of up to______ per day for violation of emission limits under the Clean Air Act.

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Which of the following is an exception to an automatic stay?

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Chapter 13 bankruptcy provides for which of the following?

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Which of the following parties cannot be a debtor in a liquidation bankruptcy?

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If a debtor files a petition in bankruptcy, then the bankruptcy is considered a(n) _______bankruptcy.

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An individual debtor in a Chapter 7 bankruptcy may exclude certain property from the bankruptcy. This property includes which of the following?

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Which of the following parties cannot be a debtor in a liquidation bankruptcy?

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Which of the following occurs when the debtor's creditors force the debtor into bankruptcy proceedings?

Correct AnswerverifiedShow Answer

To penalize those for whom it is more cost-effective to violate the Clean Air Act than to comply with it, the EPA is authorized to obtain a penalty equal to the violator's

Correct AnswerverifiedShow Answer

Which of the following is true of reorganizations?

Correct AnswerverifiedShow Answer

An individual whose debts are primarily consumer debts is known as a

Correct AnswerverifiedShow Answer

Megan observes BigOil, Inc. violating the EPA's Clean Air Act emission limits. She reports the violation to the EPA. Megan can be paid up to_______ for her information.

Correct AnswerverifiedShow Answer

All law pertaining to environmental protection is known as which of the following?

Correct AnswerverifiedShow Answer

Which of the following statements is true regarding paralegals and bankruptcy law?

Correct AnswerverifiedShow Answer

The FWPCA was first passed in

Correct AnswerverifiedShow Answer

In distribution of the debtor's estate and property, secured creditors take priority over_______ creditors.

Correct AnswerverifiedShow Answer

The document that is filed to commence a straight bankruptcy is the______ in bankruptcy.

Correct AnswerverifiedShow Answer

In bankruptcy proceedings, a(n) _______is the debtor's favoring of one creditor over others by making payments or transferring property to that creditor at the expense of the rights of other creditors. Such payments may be recovered by the bankruptcy trustee.

Correct AnswerverifiedShow Answer

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