CBA CBA Asset Administration & Liquidation

Question 1

Under 11 U.S.C. § 541, which of the following is included in the bankruptcy estate?

Accepted Answer

Property acquired by inheritance within 180 days after the petition date

Answer

Post-petition wages earned by an individual debtor

Answer

Social Security benefits paid post-petition

Answer

An individual debtor's future earning capacity

Question 2

Which section of the Bankruptcy Code authorizes a trustee to use, sell, or lease estate property outside the ordinary course of business?

Accepted Answer

11 U.S.C. § 363

Answer

11 U.S.C. § 362

Answer

11 U.S.C. § 365

Answer

11 U.S.C. § 506

Question 3

What is the primary purpose of a § 341 meeting of creditors in a bankruptcy case?

Accepted Answer

To allow the trustee and creditors to examine the debtor about assets and liabilities

Answer

To allow the judge to examine the debtor under oath

Answer

To vote on the proposed reorganization plan

Answer

To approve the trustee's interim fee application

Question 4

A Chapter 7 trustee discovers unscheduled assets after a no-asset report was filed. What should the trustee do?

Accepted Answer

Reopen the case and administer the newly discovered assets

Answer

Close the case immediately

Answer

Refer the matter to the FBI

Answer

Deny the debtor a discharge

Question 5

What is a 'stalking horse' bidder in a § 363 sale process?

Accepted Answer

An initial bidder who sets a floor price in exchange for bid protections

Answer

A creditor who objects to the proposed sale

Answer

The trustee's court-appointed auctioneer

Answer

A post-petition lender providing DIP financing

Question 6

Under the Bankruptcy Code, which party has the primary duty to administer assets and make distributions to creditors in a Chapter 7 case?

Accepted Answer

The Chapter 7 trustee

Answer

The debtor-in-possession

Answer

The creditors' committee

Answer

The US Trustee