1. Unsecured creditors do not have a vote to confirm a Chapter 13 plan. T/F?

2. In the majority of states, debtors may use only federal, not state, exemptions to exempt certain property from the bankruptcy. T/F?

3. An order for relief in a bankruptcy proceeding amounts to a discharge of the debts of the party petitioning for bankruptcy protection. T/F?

4. Any persondefined as including corporationsmay be a debtor in a liquidation proceeding. T/F?

5. One goal of bankruptcy law is to ensure equitable treatment of creditors who are competing for a debtors assets. T/F?

6. One goal of bankruptcy law is to ensure equitable treatment of creditors who are competing for a debtors assets.

7. To knowingly supply false information on official bankruptcy schedules is a crime.

8. Lynn, the owner of Market Sales Company, sells the firm to Nell for a note payable to Lynn for $100,000. Nell does not pay the note and files for bankruptcy under Chapter 7. The debt represented by the note is

A)dischargeable if $100,000 was a high price for the firm.

B)dischargeable under any circumstances.

C)not dischargeable if Nell concealed assets to defraud Lynn.

D)not dischargeable under any circumstances.