Bankruptcy

Question 1

Bankruptcy law provides a method for _________to have all or part of

Answer 1

debtors

debt relieved

Question 2

Bankruptcy law was

Answer 2

debtor friendly

Question 3

New Act in 2005

Answer 3

Bankruptcy Abuse Prevention and Consumer protection Act of 2005

Question 4

The act in 2005 made it

Answer 4

much more difficult to escape debts

Question 5

Consumer groups__________the act of 2005 and Banks and Credit card companies __

Answer 5

Hate it

Love it

Question 6

4 types of bankruptcy

Answer 6

Chapter 7
Chapter 11
Chapter 12
Chapter 13

Question 7

Bankruptcy liquidation is found in

Answer 7

Chapter 7

Question 8

2005 law changes to Chapter 7

Answer 8

Available only to individuals

Question 9

Allows business to reorganize and emerge as a going business

Answer 9

Chapter 11

Question 10

discharge means

Answer 10

debtor is no longer responsible for debt

Question 11

considers income and expenses to determine if you can file

Answer 11

Chapter 7 means test

Question 12

Form of individual bankruptcy that can be filed as an individual

Answer 12

Chapter 13

Question 13

When is discharge granted in Chapter 13

Answer 13

When payment plan is complete

Question 14

In chapter 13 who decides how much you need for expenses

Answer 14

IRS

Question 15

Under Chapter 13 which credit card charges cannot be discharged

Answer 15

Made in last 70 days or after consulting with an attorney

Question 16

Who can use Chapter 12 to reorganize

Answer 16

Family farmers and family fisherman with regular income.

Question 17

2005 act requires

Answer 17

prepetition and post petition credit counseling

Question 18

When must prepetition counseling take place

Answer 18

within a 180 days before filing

Question 19

Bankruptcy starts when

Answer 19

a petition is filed with the bankruptcy court

Question 20

Attorneys must certify facts in petition under

Answer 20

penalty of perjury

Question 21

Wrong information in a petition can subject an attorney to __________and _____

Answer 21

Fines

Sanctions

Question 22

Property retained by a debtor is called

Answer 22

exempt property

Question 23

Creditors must file _________proof of _______stating ___________

Answer 23

timely
claim
amount

Question 24

Which types of bankruptcy requires a trustee

Answer 24

7, 12, and 13

Question 25

A homestead is _____________property

Answer 25

exempt

Question 26

If a homstead is acquired within _________days of filing you can only exempt __________

Answer 26

1215

$125,000

Question 27

What is the name of the current federal bankruptcy law

Answer 27

Federal Bankruptcy Abuse Prevention and Consumer Credit Protection Act of 2005