Chapter 32

Question 1

Creditors

Answer 1

Entities to which a debtor owes money

Question 2

Insolvent debtors

Answer 2

Debtors who cannot pay their debts in a timely manner

Question 3

Bankruptcy abuse prevention and consumer protection act of 2005

Answer 3

A

Question 4

Liquidation

Answer 4

When a debtor turns over all assets to a trustee

Question 5

Trustee

Answer 5

An individual who takes over administration of the debtors estate.

Question 6

Bankruptcy estate

Answer 6

All debtors prepetition assets

Question 7

Automatic stay

Answer 7

Creditors must cease legal action against debtor

Question 8

Order if relief

Answer 8

Bankruptcy relief is ordered

Question 9

Creditors meeting

Answer 9

A meeting of all creditors listed in the chapter 7 required schedules for liquidation

Question 10

Preferential payments

Answer 10

Payments made by an insolvent debtor that give preferential treatment to one creditor over another.

Question 11

Fraudulent transfers

Answer 11

Transfers with intent to defraud creditors

Question 12

Reaffirmation agreement

Answer 12

An agreement in which the debtor agrees to pay the debt even though it could be discharged.

Question 13

Debtor

Answer 13

An entity that owed Money to another entity