Question 12 1pts

A _____ is the party, whether a person or a business, liable for debts and the subject of the bankruptcy proceedings

a. debtor

b. debtee

c. creditor

d. payee

Flag question: Question 13

Question 13 pts

Before proceeding with Chapter 7 bankrupcy, a debtor must complete

a. credit counseling

b. spending counseling

c. community service

d. a jail sentence

Flag question: Question 14

Question 14 pts

To be eligible for Chapter 7 bankruptcy, the debtor must satisfy the _______ that compares income to debt

a. credit test

b. bankruptcy test

c. means test

d. income test

Flag question: Question 15

Question 15 pts

Debt that is "backed" by a mortgage, a pledge of collateral, or another lien is called:

a. real debt

b. liable debt

c. credited debt

d. secured debt

Flag question: Question 16

Question 16 pts

Once the initial bankruptcy is filed, litigation by creditors is suspended. This is called an:

a. automatic suspension

b. automatic stay

c. judicial stay

d. judicial suspension

Flag question: Question 17

Question 17 pts

Child support payments are an example of:

a. nondischargable debts

b. dischargeable debts

c. exempt debts

d. excluded debts

Flag question: Question 18

Question 18 pts

Educational loans are an example of

a. nondischargeable debts

b. dischargeable debts

c. exempt debts

d. excluded debts

Flag question: Question 19

Question 19 pts

Ordinary or straight bankruptcy is also called:

a. liquidation

b. reorganization

c. adjustment of debts

d. discharge

Flag question: Question 20

Question 20pts

Which of the following paries cannot be a debtor in a liquidation bankruptcy?

a. a husband and wife

b a private individual

c. a bank

d. a grocery store

Flag question: Question 21

Question 21 pts

The document that is filed to commence a straight bankruptcy is the _____ in bankruptcy

a. summons

b. complaint

c. application

d. petition

Flag question: Question 22

Question 22 pts

A person filing a voluntary petition in bankruptcy under Chapter 7 must include which of the following schedules

a. a list of both secured and unsecured creditors

b. a statement of the financial affairs of the debtor

c. a listing of current income and expenses

d. all of the above

Flag question: Question 23

Question 23 pts

To conceal assets or knowingly supply false information on a petition in bankruptcy schedules is a

a. federal crime

b. state crime

c. common law crime

d. petty crime

Flag question: Question 24

Question 24 pts

A(n) _______ occurs when the debtor's creditors force the debtor into bankruptcy

a. voluntary bankruptcy

b.. creditor's bankruptcy

c. involuntary bankruptcy

d. forced bankruptcy

Flag question: Question 25

Question 25 pts

A _______ is a document filed with a bankruptcy court by a creditor to inform the court of a claim against a debtor's property. It lists the creditor's name and address, as well as the amount that the creditor asserts is owed to the creditor by the debtor

a. creditor's claim

b. proof of claim

c. creditor's petition

d. proof of collateral

Flag question: Question 26

Question 26 pts

A _______ is a person appointed by the bankruptcy court to administer the debtor's estate in the interests of both the debtor and the creditors. He or she collects and reduces to cash the estate in property and closes up the estate as speedily as is compatible with the best interests of the parties.

a. Bankruptcy judge

b. U.S. trustee

c. Bankruptcy trustee

d. U.S. attorney

Flag question: Question 27

Question 27 pts

The state _________ allows debtors petitioning for bankruptcy to shield unlimited amounts of equity in their homes from creditors.

a. house exemption

b. homestead exemption

c. place of residence exemption

d. house and hearth exemption

Flag question: Question 28

Question 28 pts

A(n) ________ is a proceeding under Chapter 7 in which a debtor states his or her debts adn turns all assets over to a trustee who sells the nonexempt assets and distributes the proceeds to creditors

a. bankruptcy

b. reorganization

c. liquidation

d. adjustment

Flag question: Question 29

Question 29 pts

A(n) _______ is the termination of an obligation. In bankruptcy, it terminates the debtor's obligation to pay the debts discharged by the court

a adjustment

b. discharge

c. liquidation

d. reorganization

Flag question: Question 30

Question 30 pts

A(n) _________ is a lender, seller, or any other person in whose favor there is a security interest.

a. unsecured creditor

b. general creditor

c. consumer creditor

d. secured creditor

Flag question: Question 31

Question 31 pts

Some debtors who file for bankruptcy may prefer liquidation under Chapter 7 but, due to the means test, may be required to file under _________ of the Bankruptcy Code, which provides for "Adjustment of Debts of an Individual with Regular Income".

a. Chapter 9

b. Chapter 11

c. Chapter 12

d. Chapter 13

Flag question: Question 32

Question 32 pts

Chapter 13 bankruptcy provides for:

a. adjustment of debts of persons with regular income

b. reorganization of a corporation

c. liquidation proceedings

d. none of the above