Bankruptcy filings in the United States were significantly reduced by the: a. Bankruptcy Reform Act b. Federal Bankruptcy Act c. National Bankruptcy Act d. Bankruptcy Reduction Act Bankruptcy relief is provided under: a. Federal law b. State law c. Common law d. Local law Which of the following is a goal of bankruptcy law?
Bankruptcy filings in the United States were significantly reduced by the:
a. Bankruptcy Reform Act
b. Federal Bankruptcy Act
c. National Bankruptcy Act
d. Bankruptcy Reduction Act
Bankruptcy relief is provided under:
a. Federal law
b. State law
c. Common law
d. Local law
Which of the following is a goal of bankruptcy law?
a. to provide relief and protection to debtors
b. to provide a fair means of distributing a debtor's assets among creditors
c. to pay all creditors in full
d. to provide relief and protection to debtors and to provide a fair means of distributing a debtor's assets among creditors
Chapter 11 bankruptcy provides for:
a. adjustment of debts of a municipality
b. reorganization of a corporation
c. liquidation proceedings
d. adjustment of farmers' debts
Before proceeding with Chapter 7 bankrupcy, a debtor must complete
a. credit counseling
b. spending counseling
c. community service
d. a jail sentence
To be eligible for Chapter 7 bankruptcy, the debtor must satisfy the _______ that compares income to debt
a. credit test
b. bankruptcy test
c. means test
d. income test
A(n) _________ is a lender, seller, or any other person in whose favor there is a security interest.
a. unsecured creditor
b. general creditor
c. consumer creditor
d. secured creditor
Some debtors who file for bankruptcy may prefer liquidation under Chapter 7 but, due to the means test, may be required to file under _________ of the Bankruptcy Code, which provides for "Adjustment of Debts of an Individual with Regular Income".
a. Chapter 9
b. Chapter 11
c. Chapter 12
d. Chapter 13
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