1.According to the Federal Bankruptcy Laws,would an individual filing forChapter7bankruptcybe able to keep from creditors his/her T.V. valued at $2,000?

Yes

No

2.According to the Federal Bankruptcy Laws,would an individual filing forChapter7bankruptcybe able to keep from creditors his/her car valued at $3,000?

Yes

No

3.According to the Federal Bankruptcy Laws,would an individual filing forChapter7bankruptcybe able to keep from creditors his/her checking account valued at $6,000?

Yes

No

4.According to the Federal Bankruptcy Laws,would an individual filing forChapter7bankruptcybe able to keep from creditors his/her savings account valued at $5,000?

Yes

No

5.According to the Federal Bankruptcy Laws,would an individual filing for Chapter 7 bankruptcy be able to keep from creditors his/her retirement account valued at $500,000?

Yes

No

6.What is thebest way to secure a security interest in the following collateral:

-

A.

B.

C.

D.

Laptop Computer

-

A.

B.

C.

D.

Ford F150Pick up Truck

-

A.

B.

C.

D.

Stock Certificate

-

A.

B.

C.

D.

A vintage set of lawn darts which were outlawed in the 1970's

A.

File a Financing Statement with the Secretary of State

B.

Make a notation on the title of ownership

C.

Take possession of the item

D.

Nothing -you may not take a security interest in illegal collateral

7.Bob borrowed money from several people. He used his grandmothers 5 caret diamond ring as collateral for each loan.

The following are the people he borrowed money from each time he used the ring as collateral. Bob has defaulted on all of his loans who will get paid, and in what order will they be paid.

Bob borrowed $1000 from Sally on August 1st2010 and signed a Security Agreement. Sally filed a financing statement on Oct. 1st 2010

Bob borrowed $5000 from 5/3 on September 1st and signed a Security Agreement . The bank filed a financing statement on September 15th 2010

Bob borrowed $2000 from Jim on April 2. 2010. Bob typed up a security agreement, signed it, and gave it to Jim on April 2, 2010. No further action was taken.

Bob borrowed $5000 from Tricia on May 1st 2010 He typed up a security agreement on May 1st. Tricia took possession of the ring on October 15th 2010

Bob borrowed $600 from Andrew on January 2010. Bob told Andrew I'm good for it I just inherited a ring from my grandmother worth $9000

-

1.

2.

3.

4.

5.

Andrew

-

1.

2.

3.

4.

5.

5/3 Bank

-

1.

2.

3.

4.

5.

Sally

-

1.

2.

3.

4.

5.

Tricia

-

1.

2.

3.

4.

5.

Jim