#1
Who initiates the bankruptcy process?
Creditors
Debtors
Government
Bank
#2
What is an automatic stay in bankruptcy?
A period for the debtor to negotiate with creditors
A court order preventing creditors from taking action
A requirement for debt counseling before filing bankruptcy
A process to convert assets into cash
#3
Which bankruptcy chapter involves debt repayment over a specified period?
Chapter 7
Chapter 9
Chapter 11
Chapter 13
#4
In bankruptcy, what is the role of an unsecured creditor?
To receive priority payment from the debtor's assets
To initiate the bankruptcy process
To negotiate with the debtor
To wait for distribution of assets after secured creditors are paid
#5
In bankruptcy proceedings, what is a dischargeable debt?
A debt that cannot be eliminated
A debt that can be eliminated by the court
A debt owed to a secured creditor
A debt related to taxes
#6
Which type of bankruptcy involves reorganization of debts?
Chapter 7
Chapter 11
Chapter 13
Chapter 9
#7
Who is responsible for overseeing the bankruptcy process?
Bankruptcy judge
Debtor's attorney
Bankruptcy trustee
Creditors' committee
#8
What is the bankruptcy discharge?
The payment plan proposed by the debtor
The court's approval of bankruptcy filing
The elimination of debt liability
The liquidation of debtor's assets
#9
Which bankruptcy chapter is designed for municipalities?
Chapter 7
Chapter 11
Chapter 9
Chapter 13
#10
What is the role of a bankruptcy trustee?
To represent the debtor in court
To manage and sell debtor's assets
To negotiate with creditors
To provide legal advice to creditors
#11
Which bankruptcy chapter is primarily for family farmers and fishermen?
Chapter 7
Chapter 11
Chapter 12
Chapter 13
#12
In bankruptcy, what is the role of a secured creditor?
To receive priority payment from the debtor's assets
To initiate the bankruptcy process
To sell debtor's assets to recover debts
To manage debtor's finances
#13
What is the primary goal of Chapter 7 bankruptcy?
Debt repayment
Debt discharge
Debt reorganization
Debt negotiation
#14
Who represents the interests of creditors in bankruptcy proceedings?
Debtor's attorney
Bankruptcy judge
Bankruptcy trustee
Creditors' committee
#15
What is a debtor-in-possession in Chapter 11 bankruptcy?
A creditor with the highest priority
A trustee appointed by the court
The debtor who continues to manage their business
An independent financial advisor
#16
What is the means test in bankruptcy?
A test to determine if the debtor can file for bankruptcy
A test to assess the debtor's income and expenses
A test to evaluate the debtor's assets
A test to determine the debtor's eligibility for specific chapters
#17
What is a proof of claim in bankruptcy?
Evidence presented by the debtor in court
A creditor's statement asserting a right to payment
A document filed by the bankruptcy trustee
A report submitted by the debtor's attorney