Chapter 7 bankruptcy petitions may only be filed voluntarily.. Question 9 1 out of 1 points Chapters 11 and 13 are liquidation chapters. Question 101 out of 1 pointsConcerned that the Chapter 11 bankruptcy procedures were harming the creditors of small businesses, Congress added some provisions in 2005 to change the process for businesses with less than $2 million in debt. Which of these provisions was included in that revision? Question 111 out of 1 pointsCreditor claims are divided into classes and the highest class must be satisfied in full before going to the next category. Question 120 out of 1 pointsCreditors of Northern Hydraulics file an involuntary bankruptcy petition against it. Northern continues to operate its business until the court officially acknowledges that Northern is under the jurisdiction of the court. Any expenses Northern incurs in the ordinary course of business during this gap period are: Question 13 0 out of 1 points Debts that cannot be discharged in bankruptcy include all EXCEPT:
WorkfileContents.docx Question 141 out of 1 pointsEsmeralda is a debtor in a Chapter 7 bankruptcy proceeding. Which of the following is nota duty of Esmeralda under Chapter 7? Question 150 out of 1 pointsForever Yours, Inc. has a secured and perfected security interest in Sally's big-screen TV. On the filing date of Sally's Chapter 7 petition, the balance of the debt owed to Forever Yours is $2,000. The value of the TV is estimated at $1,500. This means that Forever Yours: Question 160 out of 1 pointsFrancesca cannot serve as a trustee in a bankruptcy case because she is not a lawyer.
You've reached the end of your free preview.
Want to read all 7 pages?
- Spring '14
- Bankruptcy, bankruptcy protection