ACP ACP Bankruptcy Law & Procedures

Question 1

Which Chapter of the Bankruptcy Code provides for reorganization of a business?

Accepted Answer

Chapter 11

Answer

Chapter 7

Answer

Chapter 13

Answer

Chapter 15

Question 2

What is the 'automatic stay' in bankruptcy?

Accepted Answer

A pause in all collection actions against the debtor

Answer

A delay in filing bankruptcy

Answer

A stay of execution in criminal cases

Answer

A suspension of alimony payments

Question 3

Which official form is used to file a voluntary bankruptcy petition for an individual?

Accepted Answer

Form B-101

Answer

Form B-201

Answer

Form B-301

Answer

Form B-401

Question 4

What is a 'proof of claim' in bankruptcy?

Accepted Answer

A document filed by a creditor asserting the amount owed

Answer

A court order confirming the debtor's assets

Answer

A list of the debtor's creditors

Answer

A motion to lift the automatic stay

Question 5

What is the means test in Chapter 7 bankruptcy?

Accepted Answer

A calculation to determine if a debtor qualifies for Chapter 7 relief

Answer

A test to value the debtor's assets

Answer

A method to calculate creditor priorities

Answer

A formula for computing non-exempt property

Question 6

What is a reaffirmation agreement in bankruptcy?

Accepted Answer

An agreement to remain personally liable on a dischargeable debt

Answer

An agreement to surrender collateral to the trustee

Answer

A new loan taken out during the bankruptcy case

Answer

A creditor's waiver of a claim against the estate