Question 42 of 50

What are the two primary goals of bankruptcy law in the United States as established by federal legislation?

Under the Bankruptcy Code, which chapter provides for liquidation proceedings, often referred to as a straight bankruptcy?

What is the mandatory action a consumer-debtor must take within the 180-day period preceding the filing of a bankruptcy petition, according to the Bankruptcy Reform Act of 2005?

When is a Chapter 7 bankruptcy petition presumed to be a 'substantial abuse' under the means test introduced by the 2005 Bankruptcy Reform Act?

What is the minimum total value of unsecured claims required for one or more creditors to file an involuntary bankruptcy petition against a debtor who has fewer than twelve creditors?

What is the effect of an automatic stay, which goes into effect the moment a bankruptcy petition is filed?

Which of the following obligations is explicitly listed as an exception to the automatic stay under the 2005 Bankruptcy Reform Act?

What is the maximum federal exemption for equity in a debtor's residence and burial plot, also known as the homestead exemption?

Under the 2005 Bankruptcy Reform Act, what is the maximum equity a debtor can claim under a state's homestead exemption if they acquired the homestead within the three and a half years preceding the bankruptcy filing?

What is the trustee's 'strong-arm power' in a bankruptcy case?

A trustee in bankruptcy can recover preferential payments made by an insolvent debtor to a creditor. For a payment to a non-insider creditor to be considered a preference, within what time period before the bankruptcy filing must it have been made?

When a debtor makes a preferential payment to an 'insider,' such as a relative or a corporate officer, the trustee's power to avoid the transfer extends to what time period before the filing of bankruptcy?

Under the Bankruptcy Code, a trustee has the power to avoid fraudulent transfers. Within what time frame of the bankruptcy filing must these transfers have been made for the trustee to exercise this power?

In a Chapter 7 bankruptcy, once the trustee has collected all of the debtor's nonexempt assets, what is the first priority class of debts to be paid from the proceeds?

Which of the following debts is generally NOT dischargeable in a Chapter 7 bankruptcy?

Under the Bankruptcy Code, consumer debts for purchasing luxury items are generally not dischargeable if they exceed what value?

What is a ground for the court to deny the discharge of the debtor, as opposed to the discharge of a specific debt?

An agreement to pay a debt that is otherwise dischargeable in bankruptcy is known as what?

For a debtor to file for bankruptcy relief under Chapter 13, their fixed unsecured debts must be less than what amount?

For a debtor to file for bankruptcy relief under Chapter 13, their fixed secured debts must be less than what amount?

In a Chapter 13 repayment plan, the debtor must begin making payments under the proposed plan within what time frame after the plan has been filed?

What is a 'cram-down provision' in a Chapter 11 reorganization?

To qualify for relief under Chapter 12 of the Bankruptcy Code, what is the maximum total debt a family farmer must not exceed?

To qualify as a family fisherman under Chapter 12, an individual's debts must be at least what percentage related to commercial fishing operations?

What is the consequence if a debtor, in an involuntary Chapter 7 case, fails to file the required schedules within forty-five days after the petition is filed?

Which type of bankruptcy proceeding is exclusively available through a voluntary petition and cannot be initiated by creditors?

What happens to the automatic stay if a creditor requests relief from it and the court does not grant an extension?

Which of the following types of property, acquired by the debtor after filing the bankruptcy petition, would become part of the bankruptcy estate?

According to the federal exemptions listed in the Bankruptcy Code, what is the maximum interest in a motor vehicle a debtor can claim as exempt?

In a Chapter 11 reorganization, who is generally entitled to file a reorganization plan within the first 120 days after the order for relief?

What is the term for an out-of-court, negotiated adjustment of creditor-debtor relations that is often preferred to bankruptcy proceedings?

In a Chapter 11 case, the entity that continues to operate the business after the order for relief is granted is generally known as what?

Under a Chapter 13 repayment plan, what is the required length of the plan if the debtor's family income is greater than the state median family income?

After a debtor has completed all payments under a Chapter 13 plan, which of the following debts is generally NOT discharged?

What is the term for a bankruptcy discharge that can be revoked within one year if the debtor is found to have acted fraudulently during the proceedings?

Which of the following entities is explicitly listed as being unable to be a debtor in a Chapter 7 liquidation bankruptcy?

Under what condition can a creditor petition for an involuntary bankruptcy against a farmer?

For a Chapter 11 reorganization plan to be confirmed, what is required regarding postpetition domestic-support obligations?

When is a discharge granted to an individual debtor in a Chapter 11 reorganization?

Under the Bankruptcy Code, the trustee can avoid a transfer as a preference if it gives a creditor more than they would have received in what type of proceeding?

What is the federal exemption for interest in the tools of a debtor's trade?

What is the maximum total debt a family fisherman can have to be eligible for relief under Chapter 12?

Which of the following must be included in the Chapter 7 schedules filed by a debtor?

Under the Bankruptcy Code, the federal exemption for interest in jewelry is capped at what amount?

What does the term 'debtor in possession' (DIP) refer to in a Chapter 11 bankruptcy?

For a consumer-debtor to transfer property to a creditor without it constituting a preference, the total value of the transfer must be under what amount?

If a debtor has twelve or more creditors, what is the minimum number of those creditors that must join in an involuntary bankruptcy petition?

A 'hardship discharge' may be granted in a Chapter 13 case if the debtor does not complete the plan due to circumstances beyond their control and what other condition is met?

What is the term for the document filed with the bankruptcy court to initiate bankruptcy proceedings?