Flashcards in Ch40 Bankruptcy Deck (28):
Reorganization plan imposed by court in spite of creditors’ objections.
Disallowed transfer to a creditor
1. If the debtor has fewer than 12 creditors, it only takes one of them to force a person into involuntary bankruptcy.
2. Only business owners can file for bankruptcy.
3. A husband and wife must file separate petitions for bankruptcy with the court.
4. Reorganization proceedings are always voluntary.
5. Tax claims are always discharged by bankruptcy.
6. Unsecured claims are those for which creditors have no lien on specific assets.
7. A debtor's creditors elect a trustee to manage and distribute the debtor's assets during bankruptcy.
8. If a debtor involved in bankruptcy proceedings has possession of bailed goods, the true owner cannot recover the property.
9. Chapter 13 plan attempts to achieve for an individual debtor the same advantages that the business reorganization act gives to a business.
10. Property that may be exempt from bankruptcy may include:
a mechanic's tools and tool chest.
11. Chapter ________ bankruptcy provides for liquidation.
12. Chapter ________ bankruptcy provides for a reorganization plan by which individual debtors can work out payment plans without immediate liquidation.
13. Chapter ________ bankruptcy provides for a reorganization plan by which businesses can work out reorganization without immediate liquidation.
CROSSWORD: If the debtor complies with the court and trustee in bk and all other requirements then the ___________ will be granted.
CROSSWORD: This is one of the most common exempt properties in a bk.
CROSSWORD: This is disallowed transfer to a creditor.
CROSSWORD: This is a debt that is not discharged. (Sometimes you have to get these to finish college).
CROSSWORD: This is property not used to pay off debts.
CROSSWORD: Under chapter 13, the bk laws provide special arrangements that do not result in liquidation but instead allow for ______________.
CROSSWORD: Claims of a debtor in bk may be classified as ____________, partially secured, or unsecured claims.
CROSSWORD: This is one debt that will not be discharged. (Hint: You may this through payroll deductions).
CROSSWORD: There are two kinds of debtors; voluntary and ____________.
CROSSWORD: This is a court imposed reorganization plan even if a class of creditors objects to the plan.
CROSSWORD: The federal bankruptcy law has how very definite purposes?
CROSSWORD: Before debtors may file for bankruptcy, they must complete a 90-minute ____________ session in the six months prior to filing. (Two words)