Question 39

A family fisherman with a total debt of $5,000,000 is eligible to file for bankruptcy under Chapter 12.

Group of answer choices

True

False

Question 40

Chapter 12 differs from Chapter 13 in that it does not have a codebtor stay and the debtor's post-petition earnings are not property of the estate.

Group of answer choices

True

False

Question 41

Any individual may file a case under Chapter 12 of the Bankruptcy Code.

Group of answer choices

True

False

Question 42

A disclosure statement accompanying a Chapter 11 plan of reorganization should include, among other things, at least a summary of the plan's important terms.

Group of answer choices

True

False

Question 43

For a class to accept a Chapter 11 plan, two-thirds in amount and more than one-half in number of those voting in the class must vote to accept the plan.

Group of answer choices

True

False

Question 44

If an impaired class of claims does not vote to accept a proposed Chapter 11 plan, it cannot be confirmed.

Group of answer choices

True

False

Question 45

An unimpaired class of claims in a Chapter 11 plan is presumed to have accepted the plan of reorganization.

Group of answer choices

True

False

Question 46

If the debtor-in-possession files a plan of reorganization within 120 days of the filing of a Chapter 11 petition, the debtor-in-possession will have an additional 60 days to obtain creditor acceptance before any other party may propose a plan of reorganization.

Group of answer choices

True

False

Question 47

Chapter 11 is a reorganization vehicle only for large businesses.

Group of answer choices

True

False

Question 48

The maximum length of time for a Chapter 13 plan, with court approval, is 6 years.

Group of answer choices

True

False

Question 49

A Chapter 13 plan may provide for the payment of principal and interest payments under a long term loan even after the lapse of 5 years from the date the plan is approved, when the due date of the loan falls after completion of the plan.

Group of answer choices

True

False

Question 50

A debtor whose median family income is less than the applicable state median family income must always propose a Chapter 13 plan that is not less than five years in duration unless unsecured claims can be paid in full in less time.

Group of answer choices

True

False

Question 51

Any party in interest may file a Chapter 13 plan for the debtor if the debtor does not file a plan within the first 100 days.

Group of answer choices

True

False

Question 52

A Chapter 13 plan may be used to cure defaults on a mortgage while the debtor maintains regular monthly mortgage payments outside of the plan.

Group of answer choices

True

False

Question 53

The Chapter 13 debtor does not have to begin making payments to the trustee until his/her plan is confirmed by the court.

Group of answer choices

True

False

Question 54

All post-petition domestic support obligations must have been paid and all post-petition tax returns filed before a Chapter 13 plan can be confirmed.

Group of answer choices

True

False

Question 55

A debtor-in-possession is the equivalent of a trustee for most purposes.

Group of answer choices

True

False

Question 56

For a preferential transfer to occur, among other things, there must be a transfer of property of the debtor for or on account of an antecedent debt.

Group of answer choices

True

False

Question 57

Transfers made to satisfy domestic support obligations during the 90 day period immediately preceding the bankruptcy filing are avoidable as preferences.

Group of answer choices

True

False

Question 58

The price obtained in a non-collusive real estate foreclosure sale, held in compliance with applicable state law, does not constitute a fraudulent transfer.

Group of answer choices

True

False

Question 59

For purposes of preferential transfers, the debtor is presumed solvent for the 90 day period immediately preceding the bankruptcy filing.

Group of answer choices

True

False

Question 60

For a preferential transfer to occur, among other things, there must be a transfer of property of the debtor for or on account of an antecedent debt.

Group of answer choices

True

False

Question 61

Transfers made to satisfy domestic support obligations during the 90 day period immediately preceding the bankruptcy filing are avoidable as preferences.

Group of answer choices

True

False

Question 62

The price obtained in a non-collusive real estate foreclosure sale, held in compliance with applicable state law, does not constitute a fraudulent transfer.

Group of answer choices

True

False

Question 63

For purposes of preferential transfers, the debtor is presumed solvent for the 90 day period immediately preceding the bankruptcy filing.

Group of answer choices

True

False

Question 64

A trustee in bankruptcy acquires the avoiding powers as of the date a bankruptcy petition is filed.

Group of answer choices

True

False

Question 65

A statutory lien may never be avoided in bankruptcy.

Group of answer choices

True

False

Question 66

A provision in an agreement forfeiting the debtor's interest in property upon becoming insolvent is generally enforceable in bankruptcy.

Group of answer choices

True

False

Question 67

Intentional torts are debts that may be excepted from discharge under the Bankruptcy Code.

Group of answer choices

True

False

Question 68

A debt arising from a marital property settlement agreement is always dischargeable.

Group of answer choices

True

False