QUESTION 1

1. The following aspects of the Bankruptcy Code promote the fresh start:
2. the discharge,exemptions, but not the automatic stay.
3. the discharge,the automatic stay but not exemptions.
4. the discharge,exemptions and the automatic stay.
5. the discharge,exemptions and the means test under the Bankruptcy Abuse Preventions and Consumer Protection Act of 2005.

QUESTION 2

Only a fraction of people that could benefit from bankruptcy relief actually file for relief.

True

False

QUESTION 5

Which of the following is not a policy goal of consumer bankruptcy?

equitable distribution of assets among debtors

equitable distribution of assets among creditors

provide the debtor a fresh start

Which of the following is not asocial or economic justification for consumer bankruptcy?

bankruptcy can serve as consumption insurance

bankruptcy can serve as the ultimate social safety net

an effective bankruptcy system enhances economic growth

without bankruptcy the ability for an individual to work and maximize income potential will be hamptered

All of the above are social and economic justifications for consumer bankruptcy

Which of the following is true about the Small Business Reorganization Act ("SBRA")?

The SBRA will have a standing trustee in all cases.

The SBRA will increase the time a small business is in bankruptcy as that should give the business more time to effectively reorganize.

Support for the SBRA is a quite partison.

The SBRA will prohibit operators and owners from retaining their ownership interest in the company.

The SBRA will add additional hurdles and likely increase the costfor a small business to reorganize.

A basic goal of bankruptcy law is to provide a "fresh start."A key mechanism through which the Bankruptcy Code achieves this goal is the

enforcement of property garnishments.

debtor's absolute right to adischarge in bankruptcy.

discharge

wage garnishment enforcement process.

secured claim enforcement process.

Which of the following statements is false?

Joe Bidensupported the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 because too many people were abusing the bankruptcy system.

Joe Biden and Elizabeth Warren both agree that if bankruptcy filing numbers were lowered by the Bankruptcy Abuse Prevention and Consumer Protection Act, then interest rates decline and this would benefit consumers.

Elizabeth Warren did not support the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 because the law made it more difficult for individuals to seek bankruptcy protection.

Bidenand Warren's views on bankruptcy policy gives insight into their respective views on the current state of Democratic Party politics with Biden favoring a return to normalc,, while Warrenchallenges the system as fundamentally corrupt,

Which of the following statements is true?

The creditors' bargain view believes that wealth maximizationof a debtor company is one of several primary goals of bankruptcy.

Those in the progressive school view the normative goal of bankruptcyas focusing on maximization of return for creditors.

Most bankruptcy scholars agree that bankruptcy has no role is enhancing a debtor's pool of assets.

None of the above are truebecause all of the statementsare false.

All of the above are incorrect choices because all the statements are true.