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Exam 22: Bankruptcy

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Question 31

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Gem Jewelers files a voluntary petition for bankruptcy. In listing its assets, Gem intentionally does not include certain valuable stones. After Gem is granted a discharge, Hasty Catering, one of Gem's unsecured creditors whose claims were discharged, learns of the fraud. Hasty can​

A) ​do nothing.
B) ​enforce its claim against Gem.
C) ​file an involuntary petition for bankruptcy against Gem.
D) ​take possession of the stones with or without a breach of the peace.

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Question 32

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Rulings from bankruptcy courts are final-they cannot be appealed.

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Question 33

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A debtor must be insolvent to file for bankruptcy relief.

An involuntary bankruptcy occurs when a debtor's creditors are forced to accept a discharge of the debtor's debts.

Daniel is a trustee for a federal bankruptcy court. Daniel's duties include​

In the majority of states, debtors may use only federal, not state, exemptions to exempt certain property from the bankruptcy.

Beatrix defaults on a debt to Credit Union Corporation. As a creditor, Credit Union can place liens on all of Beatrix's property except

Lenders Bank provides Mark with a mortgage to buy a home. The rate of interest is fixed for five years and then adjusts annually. This is

In a repayment plan case, the plan must provide for payment of all claims in full, whether or not they are entitled to priority.

Carlton files a petition in bankruptcy. One of the goals of bankruptcy law with respect to a debtor is to​

If a homeowner defaults, or fails to make the mortgage payments, the lender has the right to foreclose on the mortgaged property.

Vito borrows $150,000 from Workers & Farmers Bank to buy a home. If he fails to make payments on the mortgage, the bank has the right to repossess and auction off the property securing the loan. This is

Fact Pattern 22-1 Robin's home is in a state that has a $60,000 homestead exemption. Robin defaults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000. -Refer to Fact Pattern 22-1. Robin will receive​

Any "person"-defined as including corporations-may be a debtor in a liquidation proceeding.

Donna goes through an involuntary bankruptcy proceeding. An involuntary bankruptcy occurs when​

Rhea's voluntary petition for bankruptcy is found to be proper. The order for relief is effective as soon as​

A farmer cannot be forced into involuntary bankruptcy.

If the assets in a debtor's estate in bankruptcy are insufficient to pay fully all creditors, the debtor is liable for the difference.

An order for relief in a bankruptcy proceeding amounts to a discharge of the debts of the party petitioning for bankruptcy protection.

One goal of bankruptcy law is to ensure equitable treatment of creditors who are competing for a debtor's assets.