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BLAW II > Exam 3 CHP 31, 43 > Flashcards

Exam 3 CHP 31, 43 Flashcards

1
Q

A debtor whose debts result primarily from the purchase of goods for personal, family, or household use.

A

Consumer-debtor

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2
Q

A person appointed by the court to manage the debtor’s funds.

A

Bankruptcy trustee

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3
Q

When the debtor is no longer obligated to pay a debt, the action is called…?

A

Discharge

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4
Q

The selling of all nonexempt assets and distribution of the proceeds to the debtor’s creditors.

A

Liquidation

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5
Q

The document that is filled with a bankruptcy court to initiate bankruptcy proceedings.

A

Petition in bankruptcy

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6
Q

A government official who performs administrative tasks that a bankruptcy judge would otherwise have to perform.

A

U.S. Trustee

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7
Q

A test to keep upper-income people from abusing the bankruptcy process by filing Chapter 7.

A

Means Test

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8
Q

Considered as an ordinary or straight bankruptcy. A debtor in a liquidation bankruptcy where he/she turns over all assets to a bankruptcy trustee.

A

Chapter 7 Bankruptcy

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9
Q

A court’s grant of assistance to a petitioner of bankruptcy. Creditors and trustee must been given within 20 days or less after entry of order.

A

Order for relief

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10
Q

A suspension of all actions by creditors against the debtor or the debtor’s property. Terminates for secured properties after 45 days.

A

Automatic stay

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11
Q

Protects secured creditors from losing their security as a result of the automatic stay.

A

Adequate protection doctrine

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12
Q

What are 4 exemptions to the automatic stay?

A
  1. Domestic support obligations
  2. Proceedings from divorce, child cust., domestic violence, etc.
  3. SEC investigations
  4. Statutory liens for property taxes
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13
Q

A debtor is not permitted to transfer property or to make a payment that favors one creditor over another.

A

Preferences

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14
Q

When a trustee steps into the shoes of a debtor, allowing them to recover previously exchanged property. Must include: fraud, duress, incapacity, or mutual mistake.

A

Voidable rights

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15
Q

An individual, partner, partnership, corporation, or officer or director of an organization, who has a close relationship with the debtor.

A

Insider

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16
Q

A creditor who has received a preferential transfer. if creditor sold property to 3rd party, then property is lost. However, recovery costs can be sued for.

A

Preferred creditor

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17
Q

Services rendered within 15 days before payment is not a ________.

A

Preference

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18
Q

What are the 9 exemptions for chapter 7 liquidations?

A
  1. Homestead exemption
  2. Motor vehicles
  3. Clothing, household goods, furniture, etc.
  4. Jewelry
  5. Trade tools
  6. Portion of wages
  7. Pensions
  8. Public benefits
  9. Damages awarded from court
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19
Q

_________ parties have priority over _________ parties regarding collateral.

A
  1. Secured
  2. Unsecured
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20
Q

An agreement to pay a debt dischargeable in bankruptcy.

A

Reaffirmation agreement

21
Q

For reaffirmation agreements, the original documents need to be signed by __________, __________, and the ____________ at the time of the agreement.

A
  1. Debtor
  2. Debtor’s attorney
  3. Court
22
Q

The type of bankruptcy that involves reorganization. Usually used by corporate debtors.

A

Chapter 11 Bankruptcy

23
Q

When creditors prefer private, negotiated adjustments of creditor-debtor relations.

A

Workouts

24
Q

On the entry of the order for relief, the debtor generally continues to operate the business. This is called ….

A

Debtor in possession (DIP)

25
Q

True or false.
In fast track chapter 11 procedures (where small business debtors with liabilities not exceeding 2.7 million and who do not manage real estate), creditor committees are required.

A

False.
Creditor committees are not required for fast track procedures.

26
Q

A type of bankruptcy that provides for adjustment of debts of an individual with regular income. Partnerships and corporations are excluded. Considered a repayment plan.

A

Chapter 13 Bankruptcy

27
Q

When the court may confirm the plan of reorganization over the objections of a class of creditors.

A

Cram-down provision

28
Q

What is the length of time that a chapter 13 bankruptcy can go for?

A

3-5 years

29
Q

A type of bankruptcy that is used to help relieve economic pressure of small farmers and fishermen.

A

Chapter 12 Bankruptcy

30
Q

Which chapters of bankruptcy are only voluntarily petitioned?

A

Chapter 12 and 13

31
Q

The type of agency that creates the detailed rules and regulations necessary to carryout created statute.

A

Administrative agency

32
Q

To create an administrative agency, Congress passes _____ _______, which specifies the name, purposes, functions, and powers of the agency being created.

A

Enabling legislation

33
Q

What are the 2 types of agencies?

A
  1. Executive agencies
  2. Independent regulatory agencies
34
Q

The type of agencies that assist the president in carrying out functions.

A

Executive agencies

35
Q

Administrative agencies include 3 functions that make up the administration process. What are they?

A
  1. Legislature (rulemaking)
  2. Executive branch (enforcement)
  3. Courts (adjudication)
36
Q

Rules that simply declare policy and do not affect legal rights or obligations.

A

Interpretive rules

37
Q

Where courts interpret legislative passages as granting Congress the power to establish administrative agencies and delegate them the power to create rules for implementing rules.

A

Delegation Doctrine

38
Q

Where a party seeking court review must first exhaust all administrative remedies.

A

Exhaustion Doctrine

39
Q

In the absence of any directives from Congress concerning a particular agency procedure, the __________ applies.

A

Administrative Procedure Act (APA)

40
Q

Provides that courts should “hold unlawful and set aside” agency actions found to be “arbitrary, capricious, an abuse of discretion, or otherwise not in accordance of law.” Also requires that there must be fair notice to parties involved.

A

Administrative Procedure Act (APA)

41
Q

What are the 5 things that fall into “capricious or arbitrary” behavior? (APA)

A
  1. Didn’t provide explanation
  2. Changed policy without justification
  3. Legally inappropriate factors
  4. Failed to consider a factor
  5. Decision contrary to evidence
42
Q

What are the 3 basic steps of rulemaking?

A
  1. Notice of proposed rulemaking
  2. A comment period
  3. The final rule
43
Q

What are 3 options of enforcement?

A
  1. Inspection and tests
  2. Subpoenas
  3. Search warrants
44
Q

Following a hearing, the administrative law judge renders an ______ ____, or a decision, on the case

A

Initial order

45
Q

Presides over the adjudication hearing and has the power to administer oaths, take testimony, rule on questions of evidence, and make determinations of facts.

A

Administration Law Judge (ALJ)

46
Q

What makes the Chevron case important?

A

It led to the Supreme Court stating that courts should defer to an agency’s interpretation of law as well as fact.

47
Q

An act that requires the federal government to disclose certain records to any person or entity on written request, even if no reason is given for the requests. (Except for national security or personal/confidential information)

A

Freedom of Information Act (FOIA)

48
Q

An act that requires that “every portion of every meeting of an agency” be open to “public observation”. Also requires notice to the public of scheduled meetings.

A

Government in the Sunshine Act

49
Q

(Act) Whenever a new regulation will have a “significant impact upon a substantial number of small entities,” the agency must conduct an analysis.

A

Regulatory Flexibility Act

BLAW II (7 decks)

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