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| 1 | |
Reasons cited for congressional enactment of The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 include all but which of the following? |
| | A) | An increased number of bankruptcy filings |
| | B) | Significant creditor losses associated with bankruptcy filings |
| | C) | The fact that a significant number of individuals are forced to file bankruptcy as a result of unanticipated medical expenses, separation and divorce, or unemployment |
| | D) | The fact that some bankruptcy debtors are able to repay a significant portion of their debt |
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| 2 | |
Which of the following is not a type of bankruptcy petition? |
| | A) | Chapter 5 |
| | B) | Chapter 7 |
| | C) | Chapter 11 |
| | D) | Chapter 13 |
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| 3 | |
__________ bankruptcy is also known as liquidation bankruptcy, or "straight" bankruptcy. |
| | A) | Chapter 5 |
| | B) | Chapter 7 |
| | C) | Chapter 11 |
| | D) | Chapter 13 |
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| 4 | |
Liquidation occurs when a debtor turns over all assets to a __________, an individual who takes over administration of the debtor's estate. |
| | A) | Custodian |
| | B) | Mediator |
| | C) | Trustee |
| | D) | Judge |
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| 5 | |
Once the petition is filed, all of the debtor's pre-petition assets form the bankruptcy __________. |
| | A) | Trust |
| | B) | Estate |
| | C) | Pool |
| | D) | None of the above |
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| 6 | |
If a debtor has twelve (12) or more creditors, __________ or more creditors who have unsecured claims that total $__________ or more must sign a petition for involuntary bankruptcy. |
| | A) | Three (3); 12,300 |
| | B) | Three (3); 14,600 |
| | C) | Six (6); 12,300 |
| | D) | Six (6); 14,600 |
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| 7 | |
Within __________ days of the creditor's meeting, all creditors (except secured creditors) must file a proof of claim with the bankruptcy court clerk to receive a portion of the debtor's estate. |
| | A) | 45 |
| | B) | 60 |
| | C) | 90 |
| | D) | 120 |
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| 8 | |
Which of the following is entitled to the highest priority in a bankruptcy estate distribution? |
| | A) | Any unpaid domestic support obligations (alimony and/or child support) |
| | B) | Court costs, trustee fees, attorney fees, and other administrative expenses associated with the bankruptcy |
| | C) | Certain taxes and penalties due to government units |
| | D) | Unsecured claims for personal injuries and deaths caused by the debtor's operation of a motor vehicle under the influence of alcohol or drugs |
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| 9 | |
Claims for back taxes or government fines incurred within __________ years of the filing of the bankruptcy constitute non-dischargeable debt under the Bankruptcy Code. |
| | A) | 3 |
| | B) | 5 |
| | C) | 7 |
| | D) | 9 |
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| 10 | |
A(n) __________ agreement is an agreement in which the debtor agrees to pay the debt, even though it could be discharged. |
| | A) | Accountability |
| | B) | Affirmation |
| | C) | Reaffirmation |
| | D) | None of the above |
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