CBA Creditor Rights & Claims Flashcards
6 cards from real CBA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CBA Creditor Rights & Claims flashcards as text
Under the US Bankruptcy Code, what is the deadline for most creditors to file a proof of claim in a Chapter 7 case?
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.
Which section of the Bankruptcy Code governs the allowance and disallowance of claims?
Answer: 11 U.S.C. § 502
Section 502 of the Bankruptcy Code governs the allowance and disallowance of claims against the estate.
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?
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.
What is an 'executory contract' in the context of US bankruptcy proceedings?
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.
Under 11 U.S.C. § 507, which of the following is the HIGHEST priority unsecured claim?
Answer: Domestic support obligations
Domestic support obligations hold first priority under § 507(a)(1), ranking above administrative expenses and all other unsecured priority claims.
What is the purpose of a 'bar date' in a bankruptcy case?
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.