Reg

Question 1

UCC-Name 3 requisites for attachment

Answer 1

1. Either signed by debtor or creditor takes possession of the collateral
2. Value must be given by the secured party
3. Debtor must have rights in the collateral

Question 2

UCC-Name methods of Perfection?

Answer 2

1. Perfection by filing
2. Taking possession (must be intangible)
3. Control–investment property
4. automatic perfection–consumer goods only
5. temporary perfection–twenty days (4 months after move)

Question 3

What is required in a filing statement?

Answer 3

1. Name and mailing address of the debtor AND the secured party.
2. Indication of the collateral covered by the financing statement
   (note–purpose not necessary)

Question 4

Involuntary Bankruptcy–who must join petition when fewer than 12 creditors are owed?

Answer 4

One or more creditors who are owed $15,325 or more.

Question 5

Involuntary Bankruptcy–who must join petition when 12 or more creditors are owed?

Answer 5

Three or more creditors are owed $15,325 or more

Question 6

Bankruptcy–Nondischargeable Debts? (WAFTED)

Answer 6

Willful and Malicious Injury
Alimony
Fraud
Taxes
Educational Loans
Debts undisclosed in the Bankruptcy Petition

Question 7

Priority of the distribution of the debtor’s estate?

Answer 7

1. Secured Claimants
2. Priority Claimants (SAG WEG CTI)
3. General Creditors who filed their claims on time

Question 8

SAG WEG CTI (Priority Claimants over the distribution of the debtor’s estate)

Answer 8

Support obligations to spouse and children, administrative expenses of bankruptcy proceeding, Gap creditors, Wages up to $12,475, Employee benefit plan contributions up to $12,475, Grain farmer and fisherman’s claims, Consumer deposits for goods paid for but not delivered, Taxes, Injury claims caused by intoxicated driving

Question 9

Under Chapter 7 of the Federal Bankruptcy Code, which property is included in the bankruptcy estate after filing?

Answer 9

DII - property the debtor receives from Divorce, Inheritance, Insurance, and Interest earned on the estate within 180 days.

Question 10

After a Chapter 7 Bankruptcy, how long are you unable to file for bankruptcy again?

Answer 10

8 years

Question 11

Chapter 9 Bankruptcy, what is its sole purpose?

Answer 11

Municipalities (Deeeeeetroit Basketball)