Card 0 of 6
A debtor who filed voluntarily and received a discharge in bankruptcy under the provisions of Chapter 7 of the federal Bankruptcy Code:
Several items in a debtor’s personal property may be included in the property of the estate if received within 180 days of filing: property received as part of inheritance, divorce, or insurance, as well as income generated from estate property.
Compare your answer with the correct one above
Which of the following assets would be included in a debtor’s bankruptcy estate in a liquidation proceeding?
Several items in a debtor’s personal property may be included in the property of the estate if received within 180 days of filing: property received as part of inheritance, divorce, or insurance, as well as income generated from estate property.
Compare your answer with the correct one above
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:
Fraudulent transfers occur when someone intentionally transfers property ownership in an attempt to reduce or limit the assets subject to distribution to creditors. In this case, since the value of the convertible would far exceed the amount of cash received in the exchange and was made to a close family member, the transfer would be regarded as an attempt to limit creditors’ access to the car in the distributable property at settlement.
Compare your answer with the correct one above
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:
The estate includes income generated from estate property and property the debtor receives from a bequest, devise, inheritances, property settlement, divorce, or beneficial interest in life insurance within 180 after filing the petition.
Compare your answer with the correct one above
Of the following requirements, which must be met for creditors to file an involuntary bankruptcy petition under Ch 7 of the Federal Bankruptcy Code?
An involuntary petition for bankruptcy can be filed if a debtor owes more than $16,750 in unsecured debt and is not paying its debts as they become due.
Compare your answer with the correct one above
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.
Per the provisions of Chapter 7 Bankruptcy law, the debtor will be denied a discharge from the bankruptcy if they cannot or refuse to explain a loss of their assets.
Compare your answer with the correct one above