Filters
Question type

Study Flashcards

Which of the following statements is true regarding paralegals and bankruptcy law?


A) There is little use for paralegals in bankruptcy law.
B) There will continue to be a demand for paralegals in bankruptcy law.
C) There has never been a demand for paralegals in bankruptcy law.
D) There is a decreasing demand for paralegals in bankruptcy law.

Correct Answer

verifed

verified

A bankruptcy trustee can avoid fraudulent transfers or obligations if they were made within _____of the filing of the petition.


A) two years
B) five years
C) ten years
D) twelve years

Correct Answer

verifed

verified

In distribution of the debtor's estate and property, secured creditors take priority over_______ creditors.


A) unsecured
B) regular
C) standard
D) All of these choices are correct.

Correct Answer

verifed

verified

To penalize those for whom it is more cost-effective to violate the Clean Air Act than to comply with it, the EPA is authorized to obtain a penalty equal to the violator's


A) annual profits.
B) economic benefits from noncompliance.
C) annual net profits.
D) economic return on investment.

Correct Answer

verifed

verified

If a debtor files a petition in bankruptcy, then the bankruptcy is considered a(n) _______bankruptcy.


A) involuntary
B) voluntary
C) volunteer
D) free

Correct Answer

verifed

verified

Megan observes BigOil, Inc. violating the EPA's Clean Air Act emission limits. She reports the violation to the EPA. Megan can be paid up to_______ for her information.


A) $10,000
B) $25,000
C) $50,000
D) $250,000

Correct Answer

verifed

verified

All law pertaining to environmental protection is known as which of the following?


A) Environmental law
B) Fish and game law
C) Federal law
D) Clean air and habitat law

Correct Answer

verifed

verified

Chapter 13 bankruptcy provides for which of the following?


A) Adjustment of debts of persons with regular incomes
B) Reorganization of a corporation
C) Liquidation proceedings
D) None of these choices is correct.

Correct Answer

verifed

verified

An individual whose debts are primarily consumer debts is known as a


A) purchaser-debtor.
B) consumer-debtor.
C) common-debtor.
D) bankrupt-debtor.

Correct Answer

verifed

verified

An individual debtor in a Chapter 7 bankruptcy may exclude certain property from the bankruptcy. This property includes which of the following?


A) $200,000 in equity in his or her home
B) $5,000 interest in an automobile
C) Any unmatured life insurance owned by the debtor
D) Tools of the debtor's trade up to an $8,000 value

Correct Answer

verifed

verified

The EPA can assess civil penalties of up to______ per day for violation of emission limits under the Clean Air Act.


A) $100
B) $500
C) $10,000
D) $25,000

Correct Answer

verifed

verified

In bankruptcy proceedings, a(n) _______is the debtor's favoring of one creditor over others by making payments or transferring property to that creditor at the expense of the rights of other creditors. Such payments may be recovered by the bankruptcy trustee.


A) unauthorized payment
B) preference
C) preexisting payment
D) priority

Correct Answer

verifed

verified

Which of the following parties cannot be a debtor in a liquidation bankruptcy?


A) A husband and wife
B) A private individual
C) A savings and loan association
D) A grocery store

Correct Answer

verifed

verified

Nondischargeable debts in a Chapter 13 bankruptcy include which of the following?


A) Claims for domestic-support obligations
B) Payments on retirement accounts
C) Debts for trust fund taxes
D) All of these choices are correct.

Correct Answer

verifed

verified

Which of the following is true of reorganizations?


A) Reorganizations are governed by Chapter 7 of the Bankruptcy Code.
B) Reorganizations are governed by Chapter 11 of the Bankruptcy Code.
C) Reorganizations are governed by Chapter 13 of the Bankruptcy Code.
D) Reorganizations are not governed by the Bankruptcy Code.

Correct Answer

verifed

verified

The document that is filed to commence a straight bankruptcy is the______ in bankruptcy.


A) summons
B) complaint
C) application
D) petition

Correct Answer

verifed

verified

Which of the following occurs when the debtor's creditors force the debtor into bankruptcy proceedings?


A) Voluntary bankruptcy
B) Creditor's bankruptcy
C) Involuntary bankruptcy
D) Forced bankruptcy

Correct Answer

verifed

verified

Which of the following parties cannot be a debtor in a liquidation bankruptcy?


A) A husband and wife
B) A private individual
C) An insurance company
D) A grocery store

Correct Answer

verifed

verified

The FWPCA was first passed in


A) 1900.
B) 1948.
C) 1969.
D) 1970.

Correct Answer

verifed

verified

Which of the following is an exception to an automatic stay?


A) An obligation to a former spouse
B) An obligation to a child
C) Proceedings related to divorce
D) All of these choices are correct.

Correct Answer

verifed

verified

Showing 61 - 80 of 133

Related Exams

Show Answer