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Chapter 13 - Bankruptcy Law Mindtap Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

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Chapter 13 - Bankruptcy Law Mindtap Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

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  • August 3, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • chapter 13 bankruptcy law mindtap
  • chapter 13 bankruptcy law mindtap questions and

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Chapter 13 - Bankruptcy Law Mindtap
d. the surrender of all collateral to the creditors. - ✔✔Jill believes that she should file a
plan for a Chapter 13 discharge in bankruptcy. A Chapter 13 bankruptcy plan must
provide for:
a. the payment of 100 percent of all obligations in full.
b. the completion of all payments to all creditors within six years.
c. the turnover of the debtor's future income to the trustee.
d. the surrender of all collateral to the creditors.

c. trustee in a liquidation proceeding under Chapter 7. - ✔✔Natural Resources, Inc.
(NRI), files for bankruptcy under Chapter 11 and assumes the role of a debtor in
possession. In this role, NRI is similar to a:
a. family farmer after a discharge under Chapter 12.
b. creditor at a Chapter 7 creditors' meeting.
c. trustee in a liquidation proceeding under Chapter 7.
d. secured creditor in possession of collateral under Chapter 13.
%

d. a court may confirm it even if only one class of creditors have accepted it if the plan
is fair and equitable. - ✔✔Andrea Law Firm (ALF) firm had spent hundreds of
thousands in upfront expenses on a potential class action suit which was ultimately
denied by a court. It could no longer pay those and other debts that combined totaled
$2 million. ALF neither owned nor managed real estate. ALF needed to reorganize the
debts in order to continue in operation. ALF developed a plan under Chapter 11 to
reorganize the firm's debts. As to this plan:
a. a court may confirm it if less than a majority of all classes of creditors vote to
approve it.
b. a court may confirm it even if the debtor does not certify that all post petition
domestic-support obligations have not been paid in full.
c. a court may refuse to confirm it only if it is not in the best interests of the creditors.
d. a court may confirm it even if only one class of creditors have accepted it if the plan
is fair and equitable.

c. possessory. - ✔✔Unlike a mechanic's lien, an artisan's lien is:
a. exempt.

, b. judicial.
c. possessory.
d. statutory.

d. debtor in possession. - ✔✔In Chapter 11 bankruptcy proceedings, a debtor who is
allowed to continue in possession of the business and to continue business operations
is a:
a. guarantor.
b. trustee in possession.
c. receiver.
d. debtor in possession.

b. $272,000, the total amount he would receive from the trusts within 180 days (six
months) after filing. - ✔✔John Patrick Goulding filed for Chapter 7 bankruptcy relief. In
his schedules, he listed assets of $62,000 and debts of over $670,000. Two banks
were the largest creditors. The banks and the trustee learned that Goulding was the
beneficiary of three irrevocable spendthrift trusts. These funds were set up to pay
Goulding a monthly income of $12,000, but Goulding could not access the principal in
%

the trusts. The trust funds could not be reached by Goulding's creditors. In addition,
Goulding would be receiving a payment of $200,000 from one of the trusts in six
months. The bankruptcy court most likely held that the amount included in the property
of Goulding's estate was:
a. $62,000, the amount that did not come from the trusts.
b. $272,000, the total amount he would receive from the trusts within 180 days (six
months) after filing.
c. $72,000, the amount of income he would receive from the trusts within 180 days (six
m

d. return to successful operation and solvency. - ✔✔In Chapter 11 bankruptcy, a
reorganization plan is established to conserve and administer the debtor's assets in the
hope that the business can eventually:
a. sell all its assets to another business at a profit.
b. merge with another business.
c. repay all its debts.
d. return to successful operation and solvency.

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