CBA CBA Creditor Rights & Claims 1 — Questions and Answers
Question 1: Under the US Bankruptcy Code, what is the deadline for most creditors to file a proof of claim in a Chapter 7 case?
- 30 days after the petition date
- 90 days after the first date set for the meeting of creditors (Correct answer)
- 60 days after the order for relief
- 180 days after the petition date
Correct answer: 90 days after the first date set for the meeting of creditors
Under FRBP 3002(c), most creditors must file a proof of claim no later than 90 days after the first date set for the meeting of creditors under §341.
Question 2: Which section of the Bankruptcy Code governs the allowance and disallowance of claims?
- 11 U.S.C. § 501
- 11 U.S.C. § 502 (Correct answer)
- 11 U.S.C. § 507
- 11 U.S.C. § 523
Correct answer: 11 U.S.C. § 502
Section 502 of the Bankruptcy Code governs the allowance and disallowance of claims against the estate.
Question 3: A secured creditor's claim is secured only to the extent of the value of the collateral. What happens to the portion exceeding that value?
- It is discharged automatically
- It is treated as a general unsecured claim (Correct answer)
- It becomes a priority claim
- It is subordinated to all other claims
Correct answer: It is treated as a general unsecured claim
Under 11 U.S.C. § 506(a), the portion of a secured claim exceeding the value of the collateral is treated as a general unsecured claim.
Question 4: What is an 'executory contract' in the context of US bankruptcy proceedings?
- A contract fully performed by both parties
- A contract where material performance remains due on both sides (Correct answer)
- A contract that has been rejected by the trustee
- A contract entered into post-petition
Correct answer: A contract where material performance remains due on both sides
An executory contract is one where both parties still have material obligations remaining to be performed, making rejection or assumption necessary in bankruptcy.
Question 5: Under 11 U.S.C. § 507, which of the following is the HIGHEST priority unsecured claim?
- Domestic support obligations (Correct answer)
- Administrative expenses of the estate
- Unsecured tax claims of governmental units
- Wages earned within 180 days before petition
Correct answer: Domestic support obligations
Domestic support obligations hold first priority under § 507(a)(1), ranking above administrative expenses and all other unsecured priority claims.
Question 6: What is the purpose of a 'bar date' in a bankruptcy case?
- The date by which the trustee must liquidate all assets
- The deadline by which creditors must file proofs of claim (Correct answer)
- The date the automatic stay expires
- The deadline for the debtor to file schedules
Correct answer: The deadline by which creditors must file proofs of claim
The bar date is the court-established deadline by which creditors must file proofs of claim or risk having their claims disallowed.
CBA CBA Creditor Rights & Claims 1
Under the US Bankruptcy Code, what is the deadline for most creditors to file a proof of claim in a Chapter 7 case?