CPA Regulation (REG) - Business Law - Bankruptcy

1

Per the provisions of Chapter 7 of the US Federal Bankruptcy Code, if the debtor _______ he or she will be denied a discharge in bankruptcy.

2

Which of the following rights does a surety have?

I. Right to compel the creditor to collect from the principal debtor

II. Right to compel the creditor to proceed against the principal debtor’s collateral

3

Per the provisions of Chapter 7 of the US Federal Bankruptcy Code, if the debtor _______ he or she will be denied a discharge in bankruptcy.

4

Per the liquidation provisions of Ch 7 of the US Bankruptcy Code, certain property acquired by the debtor after the filing of the petition becomes part of the bankruptcy estate. An example of such property is:

5

Sharon sells her two-year-old convertible to her father for $200. The next week, Sharon files for bankruptcy under Chapter 7. Regarding the sale of the car, the trustee may:

6

Which of the following rights does a surety have?

I. Right to compel the creditor to collect from the principal debtor

II. Right to compel the creditor to proceed against the principal debtor’s collateral

7

Which of the following statements is correct with respect to the reorganization provisions of Chapter 11 of the federal Bankruptcy Code?

8

Per the liquidation provisions of Ch 7 of the US Bankruptcy Code, certain property acquired by the debtor after the filing of the petition becomes part of the bankruptcy estate. An example of such property is:

9

Sharon sells her two-year-old convertible to her father for $200. The next week, Sharon files for bankruptcy under Chapter 7. Regarding the sale of the car, the trustee may:

10

Which of the following statements is correct with respect to the reorganization provisions of Chapter 11 of the federal Bankruptcy Code?

Business Law - Bankruptcy

Practice Questions