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
4 answers
Once you post what YOU THINK, a tutor might be able to check your work.
Your opinion has not been requested please put your head inside a toilet bowl
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 :)