Ch30-TB2-WBL-10e

Ch30-TB2-WBL-10e - Chapter30 BankruptcyLaw

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Chapter 30 Bankruptcy Law N.B.:   TYPE  indicates that a question is new, modified, or unchanged, as  follows. N A question  new  to this edition of the Test Bank. + A question  modified  from the previous edition of the Test Bank, = A question  included  in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. To challenge a ruling in a bankruptcy proceeding, a party must appeal to  the  highest  state  court  in  the  state  in  which  the  bankruptcy   court  is  located. ANSWER: F PAGE: 605 TYPE: = 2. Bankruptcy law has one goal—to give a debtor’s a “fresh start.” ANSWER: F PAGE: 605 TYPE: N 3. Bankruptcy proceedings are held in state bankruptcy courts. ANSWER: F PAGE: 605 TYPE: + 4. Any   debtor   who   is   liable   on   a   claim   held   by   a   creditor   may   file   for  bankruptcy. ANSWER: T PAGE: 606 TYPE: = 47
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48 TEST BANK 2—UNIT SIX: CREDITORS’ RIGHTS AND BANKRUPTCY 5. Before filing for bankruptcy, a consumer-debtor must receive information  about credit counseling. ANSWER: T PAGE: 606 TYPE: N
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CHAPTER 30: BANKRUPTCY LAW 49 6. A debtor must be insolvent to file a petition for bankruptcy. ANSWER: F PAGE: 606 TYPE: N 7. If an involuntary bankruptcy proceeding is initiated in bad faith, then a  court may award damages for injuries caused to the debtor’s reputation. ANSWER: T PAGE: 609 TYPE: = 8. If a creditor willfully violates an automatic stay in a bankruptcy proceed- ing,   an   injured   party   is   entitled   to   actual   damages   but   not   punitive  damages. ANSWER: F PAGE: 610 TYPE: = 9. From property subject to distribution on bankruptcy, a debtor is entitled to  exempt all of the equity in his or her house. ANSWER: F PAGE: 611 TYPE: = 10. With   some   exceptions,   state   law   determines   the   amount   of   a   debtor’s  property that is exempt from distribution on bankruptcy. ANSWER: T PAGE: 611 TYPE: + 11. A debtor is permitted to transfer property or make a payment that gives a  preference one creditor over another. ANSWER: F PAGE: 614 TYPE: N 12. Unsecured parties have priority over secured parties to the proceeds from  the disposition of collateral on the distribution of a debtor’s estate. ANSWER: F PAGE: 615 TYPE: = 13. It is possible, on a debtor’s bankruptcy, that an unsecured creditor might  receive nothing to cover a debt. ANSWER: T PAGE: 615 TYPE: = 14. A discharge granted to a debtor in a bankruptcy proceeding discharges all  of the debtor’s debts.
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TEST BANK 2—UNIT SIX: CREDITORS’ RIGHTS AND BANKRUPTCY ANSWER: F PAGE: 616 TYPE: N 15. All student loans are dischargeable in bankruptcy. ANSWER:
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This note was uploaded on 10/15/2010 for the course ACCT ACCT40 taught by Professor Birnbaum during the Fall '08 term at CUNY Brooklyn.

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Ch30-TB2-WBL-10e - Chapter30 BankruptcyLaw

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