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Chapter Quiz
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1
A Chapter 7 bankruptcy petition may only be filed by the debtor.
A)True
B)False
2
Once a bankruptcy petition is filed, the bankruptcy court generally issues an "automatic stay" as to any current collection actions taking place against the debtor's property.
A)True
B)False
3
In order for an unsecured creditor to ensure that his claim against the debtor is included in the bankruptcy, he should file a proof of claim with the bankruptcy court.
A)True
B)False
4
Following a successful Chapter 7 bankruptcy petition and adjudication, a debtor may receive a discharge in bankruptcy, relieving him of all dischargeable obligations.
A)True
B)False
5
Usually, claims that have priority in bankruptcy are paid before the secured creditors.
A)True
B)False
6
Normally, financial obligations that occur as a result of a debtor's false statements or fraudulent activities will not be discharged in bankruptcy.
A)True
B)False
7
A preferential payment may occur:
A)when a debtor in bankruptcy gives the trustee a sum of money to be used for preferred creditors.
B)when a debtor in bankruptcy gives a sum of money to a relative or family member within one year of the filing of the bankruptcy petition.
C)when a debtor in bankruptcy pays a creditor within 90 days of the filing of the bankruptcy petition that gives the creditor a more advantageous position over other creditors.
D)Both B and C
E)All of the above
8
Which of the following statements about Chapter 13 bankruptcies is true?
A)The proceedings may only be instituted by the debtor.
B)The proceedings may be instituted by either debtors or their creditors.
C)The debtor's plan of payment is submitted to the secured creditors for acceptance.
D)Both A and C
9
Which of the following statements regarding Chapter 11 bankruptcies is not true?
A)The proceedings may be instituted by either debtors or their creditors.
B)The proceedings may be instituted only by the debtors.
C)Until a reorganization plan is confirmed, the bankruptcy court has no authority to distribute any portion of the bankruptcy assets to the unsecured creditors.
D)A Chapter 11 proceeding reorganizes rather than liquidates the debtor.
10
Which of the following statements regarding Chapter 12 bankruptcies is not true?
A)Chapter 12 bankruptcies are available only to family farmers and fishermen with regular incomes.
B)Chapter 12 bankruptcy allows the farmer to remain in possession to operate the farm.
C)A trustee is not allowed to sell unnecessary assets before a plan is approved.
D)All of the above





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