Question 1

Chapter 7 bankruptcy petitions may only be filed voluntarily.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A)  secured claims, priority claims, unsecured claims.
B)  secured claims, unsecured claims, priority claims.
C)  priority claims, secured claims, unsecured claims.
D)  priority claims, unsecured claims, secured claims.

Question 4

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?

Accepted Answer

A)  an automatic stay
B)  a proof of claim
C)  a voluntary petition
D)  a discharge statement

Question 5

Under all chapters of the Bankruptcy Code, most of the debtor's assets are distributed to creditors and the debtor has no obligation to share future earnings with creditors.

Accepted Answer

A) True 
 B)False

Exam 16: Bankruptcy

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

Correct Answer
verified

Under all chapters of the Bankruptcy Code, most of the debtor's assets are distributed to creditors and the debtor has no obligation to share future earnings with creditors.

Correct Answer
verified

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

Correct Answer
verified

Chapter 7 bankruptcy petitions may only be filed voluntarily.

Correct Answer
verified

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?

Correct Answer
verified

Exam 16: Bankruptcy

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

Correct AnswerverifiedShow Answer

Under all chapters of the Bankruptcy Code, most of the debtor's assets are distributed to creditors and the debtor has no obligation to share future earnings with creditors.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Chapter 7 bankruptcy petitions may only be filed voluntarily.

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified