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REG > Bankruptcy > Flashcards

Bankruptcy Flashcards

1
Q

In a Chapter 11 Bankruptcy, which of the following is required for court to approve the reorganization plan: appointment of trustee OR provision for full payment of administration expenses?

A

Provision for full payment of administration expenses

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2
Q

Under a Chapter 7 Bankruptcy, a bankruptcy discharge on a judgment creditor when there is no bankruptcy estate will result with the debtor having: statutory lien owed to judgment creditor OR no remaining personal liability to the judgment creditor?

A

No remaining personal liability to the judgment creditor

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3
Q

Under a Chapter 7 Bankruptcy, a debtor must meet which requirement to file a voluntary bankruptcy petition: insolvency OR three or more creditors?

A

Neither. No requirements on solvency or number of creditors in Chapter 7 Bankruptcy

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4
Q

Under a Chapter 7 Bankruptcy, which of the following is not allowed to file a petition: banks OR insurance companies?

A

Both

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5
Q

Under a Chapter 7 Bankruptcy, a petition will not result to an issuance of stay against most creditor lawsuits against the debtor: TRUE or FALSE?

A

FALSE

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6
Q

Under a Chapter 7 Bankruptcy, properties acquired by debtor after filing a petition are exempt from being a part of the bankruptcy estate, except: Gifts OR investment earnings

A

Gifts

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7
Q

When received within how many days of the petition, inheritances, life insurance proceeds, and divorce property settlements are included in the bankruptcy estate?

A

180 days of the petition

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8
Q

Under a Chapter 7 Bankruptcy, an involuntary petition will result to an appointment of a trustee: TRUE or FALSE?

A

TRUE

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9
Q

When a debtor has fewer than 12 creditors, what are the three minimum requirements for the creditors to file an involuntary bankruptcy (Chapter 7 and 11)?

A
  1. Signatures from one or more creditors
  2. Unsecured claims of $16,750
  3. Debtor is not paying debts as they become due
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10
Q

When a debtor has more than 12 creditors, what are the two minimum requirements for the creditors to file an involuntary bankruptcy (Chapter 7 and 11)?

A
  1. Signatures of three or more creditors
  2. Unsecured claims of $16,750
  3. Debtor is not paying debts as they become due
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11
Q

Payment to an an unsecured loan within how many days prior to filing of petition will be considered a preferential transfer?

A

90 days

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12
Q

Payment to an insider within how many days prior to filing of petition will be considered a preferential transfer?

A

1 year

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13
Q

When an involuntary petition under Chapter 7 Bankruptcy is dismissed, the debtor can recover which of the following:
A. Court costs and attorney fees
B. Compensatory damages
C. Punitive damages

A

All of them

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14
Q

Chapter 11 Bankruptcy is not available to which of the following:
A. Corporations
B. Partnerships
C. Individuals

A

Available to all of them

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15
Q 
Chapter 11 Bankruptcy is not available to which of the following:
A. Banks
B. Savings and loans companies
C. Insurance companies
D. Railroads
E. Stockbrokers
A

Not available to all of them except railroads

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16
Q

Under Chapter 11 Bankruptcy, a creditors’ committee is formed and consists of: unsecured creditors OR secured creditors?

A

Unsecured creditors only

17
Q

Which chapter of the Bankruptcy Code is reserved for municipalities only?

A

Chapter 9 of the Bankruptcy Code

18
Q

Preferential transfer applies to: pre-existing debt OR contemporaneous exchange

A

Pre-existing debt

19
Q

Preferential transfer within 90 days applies if collateral is given after the antecedent debt: TRUE or FALSE?

A

TRUE

20
Q

For which chapter of the Bankruptcy Code must the debtor prove insolvency in case of voluntary bankruptcy: Chapter 7, 11, or 13?

A

None of them. Insolvency is not required in any of them

21
Q

A trustee is appointed in what type of Chapter 7 Bankruptcy petition: involuntary OR voluntary?

A

Involuntary petition

22
Q

This Chapter of the Bankruptcy Code is voluntary only: Chapter 7, 11, OR 13?

A

Chapter 13

23
Q

This Chapter of the Bankruptcy Code deals with Liquidation: Chapter 7, 11, or 13?

A

Chapter 7

24
Q

This Chapter of the Bankruptcy Code deals with Business Reorganization: Chapter 7, 11, or 13?

A

Chapter 11

25
Q

This Chapter of the Bankruptcy Code deals with Debt Business Reorganization: Chapter 7, 11, or 13?

A

Chapter 13

26
Q

Properties obtained as inheritance, life insurance proceeds, or through a divorce settlement will be included in the bankruptcy estate if right to receive property arises within how many days after the petition is filed?

A

180 days

27
Q

After how many years will a discharge be available from the date of the prior filing?

A

8 years

28
Q

A reorganization plan must be approved by how many creditors and shareholders BEFORE submission of the plan to the court?

A 
1/2 of each class of creditors, AND
2/3 of the shareholders

REG (11 decks)

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