Rights and Duties of Debtors and Creditors

Question 1

Fraudulent Conveyance of property

Answer 1

is done with intent to

1) defraud the creditor
2) hinder/delay
3) put the property out of reach

Question 2

Ways to commit Fraudulent Conveyance

Answer 2

1) Maintain possesion of property
2) secretly transfer/hide property
3) retain an interest

Question 3

Homestead exemption

Answer 3

can exempt certain property from post-judgement collections by a creditor

Question 4

What does the homestead exemption protect against

Answer 4

General Creditors and the Bankruptcy Trustee

Question 5

What doesn’t the homestead exemption protect against

Answer 5

Secured Creditors or Lein Holders

Question 6

Under garnishment procedures

Answer 6

creditors may attach a portion of debtor wages to pay off a debt

Question 7

Federal Fair Debt Collection Practices Act

Answer 7

was passed to prevent collectors from using abusive collection methods

Question 8

Who enforces the Federal Fair Debt Collection Practices Act?

Answer 8

Federal Trade Commission

Question 9

Citizens can

Answer 9

Sue for violation of the Federal Fair Debt Collection Practices Act or receive up to $1,000 for violation if Damages are not proven

Question 10

Liens

Answer 10

are used by the creditor to secure payment

Question 11

For any lien the debtor

Answer 11

is entitles to a notice prior to selling property to satisfy debt

Question 12

A writ of attachment

Answer 12

is used when a collect wishes to collect a past due debt from the debtor