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

1. Only a fraction of people that could benefit from bankruptcy relief actually file for relief.
2. True
3. False

QUESTION 3

1. When the government decides to do or not do something,that is referred to as
2. common law.
3. public policy.
4. statutory law.
5. Constitutional law.

QUESTION 4

1. The________________ school believes that Chapter 11 policy should encompass the interests of a wide array of actors including creditors, but also employees, taxing authorities, suppliers, customers and others impacted by a business failure.
2. Progressive
3. Regressive
4. Reformist
5. Modernist

QUESTION 5

1. Which of the following is not a policy goal of consumer bankruptcy?
2. equitable distribution of assets among debtors
3. equitable distribution of assets among creditors
4. provide the debtor a fresh start

QUESTION 6

1. Which of the following is not asocial or economic justification for consumer bankruptcy?
2. bankruptcy can serve as consumption insurance
3. bankruptcy can serve as the ultimate social safety net
4. an effective bankruptcy system enhances economic growth
5. without bankruptcy the ability for an individual to work and maximize income potential will be hamptered
6. All of the above are social and economic justifications for consumer bankruptcy

QUESTION 7

1. Most consumer bankruptcies are filed under
2. Chapter 9
3. Chapter 7
4. Chapter 13
5. Chapter 11

QUESTION 8

1. Scholars agree that Chapter 11 should maximize the value of assets but there is disagreement on how to divide the pool of assets.
2. True
3. False

QUESTION 9

1. Which of the following is true about the Small Business Reorganization Act ("SBRA")?
2. The SBRA will have a standing trustee in all cases.
3. The SBRA will increase the time a small business is in bankruptcy as that should give the business more time to effectively reorganize.
4. Support for the SBRA is a quite partison.
5. The SBRA will prohibit operators and owners from retaining their ownership interest in the company.
6. The SBRA will add additional hurdles and likely increase the costfor a small business to reorganize.

QUESTION 10

1. 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
2. enforcement of property garnishments.
3. debtor's absolute right to adischarge in bankruptcy.
4. discharge
5. wage garnishment enforcement process.
6. secured claim enforcement process.

QUESTION 11

1. Hope and Fairness are core virtues underlying Chapter 7 bankruptcy.
2. True
3. False

QUESTION 12

1. Which of the following statements is false?
2. Joe Bidensupported the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 because too many people were abusing the bankruptcy system.
3. 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.
4. 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.
5. 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,

QUESTION 13

1. When a company is in financial distress, which of the following options are available to address the financial distress:
2. rescue the company through a reorganization of the company's debt.
3. rescue the company through a liquidation in Chapter 7.
4. rescue the company through a Chapter 13 plan of reorganization.
5. rescue the company through a liquidating plan in Chapter 11.

QUESTION 14

1. Which of the following statements is true?
2. The creditors' bargain view believes that wealth maximizationof a debtor company is one of several primary goals of bankruptcy.
3. Those in the progressive school view the normative goal of bankruptcyas focusing on maximization of return for creditors.
4. Most bankruptcy scholars agree that bankruptcy has no role is enhancing a debtor's pool of assets.
5. None of the above are truebecause all of the statementsare false.
6. All of the above are incorrect choices because all the statements are true.

Question 15

1. Chapter 11's traditional policy goal is to reorganize or restructure a company.
2. True
3. False