The bankruptcy judge cannot attend the first meeting of the creditors. True Fals

Question

The bankruptcy judge cannot attend the first meeting of the creditors.

True

False

Bankruptcy proceedings are carried out at special U.S. Bankruptcy Courts created by the Congress.

True

False

Gifts that a debtor is entitled to receive within 180 days after the petition is filed are part of the bankruptcy estate.

True

False

Why is a discharge of debt granted?

to divide the bankruptcy estate equally among all creditors

to relieve the debtor of the responsibility to pay some of or all the debt

to divide the bankruptcy estate according to the debt owed to each creditor

to suspend certain legal actions by creditors against a debtor's property

Which of the following best defines a proof of claim?

a statement by the debtor that states that he or she has debts

a document required to be filed by a debtor stating the property that is exempted from constituting the bankruptcy estate

a document required to be filed by a creditor that states the amount of his or her claim against the debtor

a statement by creditors alleging that the debtor is not paying his or her debts as they become due

What is an executory contract?

a contract that cannot be discharged under Chapter 13

a contract that the debtor is obliged to perform despite filing for bankruptcy

an agreement between several creditors and a single debtor, dividing the debtor's property

a lease that has not been fully performed

A(n) ________ is a document required to be filed by an equity security holder that states the amount of his or her interest against the debtor.

proof of claim

proof of interest

voluntary petition

involuntary petition

The 2005 act requires an attorney certification whereby an attorney who represents a client in bankruptcy must certify the accuracy of the information contained in the bankruptcy petition.

True

False

Which of the following is true of the median income test?

If a family has median family income equal to the state's median family income, the debtor does not qualify for Chapter 7 bankruptcy.

If a family has median family income below the state's median family income, the debtor is subject to the "means" test.

If a family has median family income below to the state's median family income, the debtor automatically qualifies for Chapter 7 bankruptcy.

A debtor's debts are not discharged if the family median income is more than the state's median family income.

to divide the bankruptcy estate equally among all creditors

to relieve the debtor of the responsibility to pay some of or all the debt

to divide the bankruptcy estate according to the debt owed to each creditor

to suspend certain legal actions by creditors against a debtor's property

Explanation / Answer

1.True,the bankruptcy judge cannot attend the first meeting of the creditors.

2.True, Bankruptcy proceedings are carried out at special U.S. Bankruptcy Courts created by the Congress

3.Discharge of debt is granted to relieve the debtor of the responsibility to pay some of or all the debt

4.A proof of claim,is a document required to be filed by a creditor that states the amount of his or her claim

against the debtor.

5.An executory contract is a  contract that the debtor is obliged to perform despite filing for bankruptcy

6. A proof of interest , is a document required to be filed by an equity security holder that states the amount of his or her interest against the debtor.

7. True, the 2005 act requires an attorney certification whereby an attorney who represents a client in bankruptcy must certify the accuracy of the information contained in the bankruptcy petition.

8. True, If a family has median family income below to the state's median family income, the debtor automatically qualifies for Chapter 7 bankruptcy.

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