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Exam 26: Bankruptcy

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Question 31

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Robin's home is in a state that has a $60,000 homestead exemption. Robin de-faults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000. -Refer to Fact Pattern 26-1. If Suburban Mortgage recovers less than it is owed,it can realize the difference from

A) any property that Robin owns.
B) only exempt property that Robin owns.
C) only nonexempt property that Robin owns.
D) property that any other member of Robin's family owns.

E) All of the above
F) C) and D)

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Question 32

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If the assets in a debtor's estate in bankruptcy are insufficient to pay fully all creditors,the debtor is liable for the difference.

A) True
B) False

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Question 33

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Bankruptcy proceedings are held in state courts.

The clerk of a bankruptcy court must provide consumer-debtors with information on the types of services available from credit counseling agencies.

Rulings from bankruptcy courts are final-they cannot be appealed.

The basic duty of a trustee is to collect the debtor's property and reduce it to money for distribution.

To adjust debt and institute a repayment plan,Bianca-who is not a corporation,a partnership,or a family farmer or fisherman-may file a petition in bankruptcy for relief through

An involuntary bankruptcy occurs when a debtor's creditors are forced to accept a discharge of the debtor's debts.

Recording a mortgage ensures that a creditor is officially on record as holding an interest in mortgaged property.

A bankruptcy estate consists of all the debtor's interests in property currently held,wherever located.

Umiko files a petition for bankruptcy. Her creditors must file with the court their proof of claims against her assets within

Troy files a petition for bankruptcy. Troy must include with the petition

A court can dismiss a debtor's petition for aChapter 13 adjustment if the circumstances indicate bad faith.

Milos files a petition in bankruptcy. His dischargeable debts include

Shippers Dispatch Corporation orders office equipment from Office Outfitters,Inc.,which has an unperfected security interest in the equipment until it is paid for. Meanwhile,Shippers Dispatch takes out a loan from Capital Credit,Inc.,subject to a security interest in Shippers Dispatch's building and equip-ment,which Capital perfects. Shippers Dispatch files a bankruptcy petition underChapter 7. If the petition is granted,in what or-der will Shippers Dispatch's creditors be paid?

Creditors hold judgments on overdue debts against AAA Auto Repair when the debtor receives a discharge in bankruptcy. AAA's discharge will

An order for relief in a bankruptcy proceeding amounts to a discharge of the debts of the party petitioning for bankruptcy protection.

The same principles that govern the filing of a liquidation petition apply to reorganization proceedings.

If a debtor's income is below the median income,there is no presumption of bankruptcy abuse.

A petition for a discharge in bankruptcy underChapter 13 may be filed by