CBA CBA Creditor Rights & Claims

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?

Accepted Answer

90 days after the first date set for the meeting of creditors

Answer

30 days after the petition date

Answer

60 days after the order for relief

Answer

180 days after the petition date

Question 2

Which section of the Bankruptcy Code governs the allowance and disallowance of claims?

Accepted Answer

11 U.S.C. § 502

Answer

11 U.S.C. § 501

Answer

11 U.S.C. § 507

Answer

11 U.S.C. § 523

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?

Accepted Answer

It is treated as a general unsecured claim

Answer

It is discharged automatically

Answer

It becomes a priority claim

Answer

It is subordinated to all other claims

Question 4

What is an 'executory contract' in the context of US bankruptcy proceedings?

Accepted Answer

A contract where material performance remains due on both sides

Answer

A contract fully performed by both parties

Answer

A contract that has been rejected by the trustee

Answer

A contract entered into post-petition

Question 5

Under 11 U.S.C. § 507, which of the following is the HIGHEST priority unsecured claim?

Accepted Answer

Domestic support obligations

Answer

Administrative expenses of the estate

Answer

Unsecured tax claims of governmental units

Answer

Wages earned within 180 days before petition

Question 6

What is the purpose of a 'bar date' in a bankruptcy case?

Accepted Answer

The deadline by which creditors must file proofs of claim

Answer

The date by which the trustee must liquidate all assets

Answer

The date the automatic stay expires

Answer

The deadline for the debtor to file schedules