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Chapter 13 - Bankruptcy Law Mindtapa. a garnishment. - ✔✔A legal process used by a creditor to collect a debt by seizing property of the
debtor (such as wages) that is being held by a third party (such as the debtor's employer) is referred
to as:
a. a garnishment.
b. a writ of attachment.
c. a writ of execution.
d. an attachment.
a. a garnishment. - ✔✔Samuel and Rebecca divorced, and the court ordered that Samuel pay a
certain sum in child support each month to Rebecca for the support of their son, Nathan. Samuel fell
behind in his payments. In order to ensure that money would be coming in regularly to Rebecca and
Nathan, the judge entered an order directing Samuel's employer to pay a certain portion of his wages
to Rebecca and Nathan. This kind of court order is known as:
a. a garnishment.
b. an attachment.
c. a writ of attachment.
d. a writ of execution.
a. a third person promises to pay a debt owed by another in the event the debtor does not pay. -
%
✔✔A guaranty relationship is created when:
a. a third person promises to pay a debt owed by another in the event the debtor does not pay.
b. a court orders a person to pay a debt owed by another.
c. a debtor pays off a debt early.
d. a creditor agrees to accept a partial payment for a debt instead of the full amount.
a. a written notice of lien. - ✔✔Suha performs a contract with Tyler to add a second story addition to
Tyler's house, but Tyler does not pay. In most states, Suha can create a lien and place it on Tyler's
property by filing:
a. a written notice of lien.
b. a writ of execution.
c. a writ of attachment.
d. an order of garnishment.
a. As a debtor in possession, ALF can choose whether to cancel or assume unexpired leases. -
✔✔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. In that plan, ALF canceled a long-term lease because it could no longer
pay the rent due. Which of the following accurately explains ALF's powers related to this lease?
a. As a debtor in possession, ALF can choose whether to cancel or assume unexpired leases.
b. As a debtor in possession, ALF cannot cancel unexpired leases.
c. As a debtor in possession, ALF must create a creditors' committee and obtain its approval before
cancelling the lease.
d. All of these are correct.
a. Bankruptcy relief is provided under federal law. State laws on secured transactions also affect the
bankruptcy law. - ✔✔Which of the following is an accurate statement about the source of bankruptcy
law?
a. Bankruptcy relief is provided under federal law. State laws on secured transactions also affect the
bankruptcy law.
b. Bankruptcy relief is provided under federal law. Federal laws on secured transactions also affect
the bankruptcy law.
c. Bankruptcy relief is provided under state law. State laws on secured transactions also affect the
bankruptcy law.
d. Bankruptcy relief is provided under state law. Federal laws on secured transactions also affect the
bankruptcy law.
a. Chapter 11 or 13. - ✔✔Cody is the sole proprietor of Diners Cafe, which owes debts in an amount
%
more than Cody believes he and Diners can repay. The creditors agree that liquidating the business
would not be in their best interests. To stay in business, Cody could file for bankruptcy under:
a. Chapter 11 or 13.
b. Chapter 13 only.
c. Chapter 11 only.
d. Chapter 7 only.
a. Chapter 13. - ✔✔The chapter of the Bankruptcy Code that provides for the "Adjustment of Debts
of an Individual with Regular Income" is:
a. Chapter 13.
b. Chapter 12.
c. Chapter 11.
d. Chapter 7.
a. filing of a petition in bankruptcy. - ✔✔A Chapter 7 bankruptcy proceeding is commenced by the:
a. filing of a petition in bankruptcy.
b. filing of an automatic stay.
c. sale of the property of the estate.
d. discharge of all debt.
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