Multiple choice

Question 26

In a Chapter 13, property of the estate includes:

a. Pre-petition exempt property.

b. Post-Petition earnings of the debtor.

c. None of the above.

d. All of the above.

Question 27

A Chapter 13 plan:

Must provide for payment of all debts in full or it is not proposed in good faith.

May not cure a default in payment of a home mortgage where the lender (secured creditor home mortgagee) has accelerated payment of the loan due date because of default.

Requires payment of all delinquencies owing to secured creditors in full at confirmation.

Must provide for the submission to the trustee of necessary future income of the debtor to make payments under the plan.

Question 28

In a Chapter 11 case, the debtor-in-possession:

is authorized to continue to operate the debtor's business without court approval.

must cease all operations at the time the petition is filed.

must surrender all property to the trustee when the petition is filed.

need not close existing business bank accounts and open new ones.

Question 29

Afterselection, a bankruptcy interim trustee qualifies by:

Appearing at the meeting of creditors.

Residing in the district where selected.

Posting a bond in the amount set by the United States Trustee within 7 days of selection.

None of the above.

Question 30

In a Chapter 7 case:

The interim trustee can be removed in favor of another trustee by vote of the creditors at the meeting of creditors.

The interim trustee will become the trustee if the Bankruptcy Court has appointed him or her as trustee.

The debtor-in-possession is trustee.

The U.S. Trustee will be the trustee in all cases.

Question 31

Among the Trustee's duties are:

Accounting for all property received.

Disbursing money.

Filing a final report and accounting.

All of the above.

Question 32

A Chapter 7 Trustee may operate the debtor's business:

For a limited period of time with court approval.

When the case is converted to a Chapter 13.

Will never operate a debtor's business.

Until the case is closed.

Question 33

A health care ombudsman is appointed to:

make sure patients pay their bills;

ensure that insurance claims are paid to the estate;

dispose of patient records in a closing health care facility

represent the interests of the patients.

Question 34

Operating reports are:

A form of disclosure statement requiring approval by the bankruptcy court before the proponent of a plan may solicit creditor acceptance.

A history of how the debtor became insolvent.

Reports of receipts and disbursements in a Chapter 11 case after the petition is filed.

Noncumulative income and expense statements showing the financial condition of the debtor at the time the bankruptcy petition is filed.

Question 35

A small business debtor:

Can only be a sole proprietor.

Is a debtor with debts of less than $5 million and who can pay all creditors in full.

May not file a Chapter 11 bankruptcy case.

Is a business debtor with debts of less than $2,725,625.

Question 36

In a Chapter 11 plan:

a. All secured claims are put into one classification.

b. Secured creditors may not be impaired.

c. All claims that are substantially similar should be placed in the same class.

d. All unsecured claims must be placed in one classification.

Question 37

The proponent of a plan of reorganization in a Chapter 11 case may not solicit creditor acceptances:

Without first asking for court approval.

Without providing the creditors with a court approved disclosure statement.

Before 120 days after filing of the bankruptcy petition.

Before 180 days after filing of the bankruptcy petition.

Question 38

A mandatory requirement for confirmation of a Chapter 11 plan is:

That the plan is feasible.

That the debtor retain property.

That there be no new management for the debtor-in-possession.

That there be only new management for the debtor-in-possession.