Which of the following is NOT allowed as a federal exemption under the Federal Bankruptcy Code?

Select one:

a.Some specified amount of equity in one motor vehicle

b.Unemployment compensation

c.Some specified amount of value in books and tools of one's trade

d.All of the above are allowed

If a voluntary petition in bankruptcy is found to be proper, the Court's entry of an order of relief

Select one:

a.dismisses the petition

b.discharges the debtor's obligations

c.puts into place an automatic stay

d.distributes the debtor's assets to his or her creditors

Which of the following conditions must be met to have an enforceable mortgage?

Select one:

a.An accurate description of the property must be included in the mortgage

b.A promissory note must accompany the mortgage

c.Present consideration must be given in exchange for the mortgage

d.the amount of the debt and the interest rate must be stated in the mortgage

Jill's monthly income is $2,000, her monthly expenses are $2,800, and her debts are nearly $40,000.To obtain a fresh start, Jill could file for bankruptcy under

Select one:

a.Chapter 7

b.Chapter 11

c.Chapter 13

d.Any of the above

e.None of the above

Pat files a Chapter 7 petition for a discharge in bankruptcy.Pat may be denied a discharge on which of the following grounds?

Select one:

a.concealing property with intent to defraud creditors

b.paying for services received in the ordinary course of business

c.having obtained a bankruptcy discharge 20 years earlier

d.all of the above

e.none of the above