Bankruptcy Eligibility Quiz
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Questions and Answers

Who is eligible to file for Chapter 13 bankruptcy?

  • States and municipalities
  • Corporations and LLC's
  • Only individuals (correct)
  • Non-profit organizations

    • What is the requirement for an individual before filing for bankruptcy?

  • To obtain approval from a credit union
  • To pay a fee of $50
  • To submit a budget analysis
  • To receive credit counseling from a non-profit agency (correct)

    • Who is eligible to seek relief under the bankruptcy code?

  • Only corporations
  • Natural persons, corporations, partnerships, and LLC's (correct)
  • Only partnerships
  • Only natural persons

    • What is the difference between 'person' and 'individual' in the bankruptcy code?

    <p>Person can include corporations, while individual refers to real people</p> Signup and view all the answers

    Which type of bankruptcy is initiated by a debtor in 99% of cases?

    <p>Chapter 7</p> Signup and view all the answers

    What is the waiting period for an individual to file for bankruptcy if they have already received a discharge under Chapter 7 and want to file for bankruptcy again?

    <p>8 years</p> Signup and view all the answers

    Under what circumstances can a debtor be subject to an involuntary bankruptcy?

    <p>If they are a not-for-profit corporation</p> Signup and view all the answers

    What type of bankruptcy case can only proceed under Chapter 7 or 11, and not Chapter 13?

    <p>Involuntary cases</p> Signup and view all the answers

    What does a debtor need to file in order to commence a voluntary bankruptcy?

    <p>A petition</p> Signup and view all the answers

    If a debtor has 500K of unsecured debt, can they be a debtor under Chapter 13?

    <p>No, because the limit for unsecured debt in Chapter 13 is $419,000</p> Signup and view all the answers

    What type of bankruptcy can be initiated by a creditor?

    <p>Involuntary bankruptcy</p> Signup and view all the answers

    Under what circumstances can a debtor be subject to an involuntary bankruptcy?

    <p>If they are a farmer or family farmer</p> Signup and view all the answers

    What is the waiting period for an individual to file for Chapter 13 bankruptcy if they have previously filed for Chapter 7?

    <p>2 years</p> Signup and view all the answers

    What is the threshold number of creditors required for an involuntary bankruptcy petition?

    <p>More than 13 creditors</p> Signup and view all the answers

    What is the waiting period for an individual to file for Chapter 13 bankruptcy if they have previously filed for Chapter 13?

    <p>8 years</p> Signup and view all the answers

    Who is eligible to file for Chapter 13 bankruptcy?

    <p>Any individual person, including natural persons and sole proprietorships</p> Signup and view all the answers

    What is the requirement for an individual before filing for bankruptcy?

    <p>To receive a briefing from a non-profit budget and credit counseling agency within 180 days of filing</p> Signup and view all the answers

    Under what circumstances can a debtor be subject to an involuntary bankruptcy?

    <p>If the debtor has unsecured debt over a certain amount</p> Signup and view all the answers

    What type of bankruptcy case can only proceed under Chapter 7 or 11, and not Chapter 13?

    <p>Cases involving municipalities</p> Signup and view all the answers

    What is the waiting period for an individual to file for Chapter 7 bankruptcy if they have previously filed for Chapter 7?

    <p>8 year wait</p> Signup and view all the answers

    Under what circumstances can a debtor be subject to an involuntary bankruptcy?

    <p>If the debtor is a farmer or family farmer</p> Signup and view all the answers

    What is the threshold number of creditors required for an involuntary bankruptcy petition?

    <p>Less than 12 creditors</p> Signup and view all the answers

    What is the waiting period for an individual to file for Chapter 13 bankruptcy if they have previously filed for Chapter 13?

    <p>2 year wait</p> Signup and view all the answers

    What is the waiting period for an individual to file for Chapter 13 bankruptcy if they have previously filed for Chapter 7?

    <p>4 year wait</p> Signup and view all the answers

    What does a debtor need to file in order to commence a voluntary bankruptcy?

    <p>Voluntary petition</p> Signup and view all the answers

    What type of bankruptcy case can only proceed under Chapter 7 or 11, and not Chapter 13?

    <p>Involuntary bankruptcy</p> Signup and view all the answers

    What is the requirement for an individual before filing for bankruptcy?

    <p>Ensure client has gone to credit counseling</p> Signup and view all the answers

    What recourse is available for fraudulently filing an involuntary bankruptcy in retaliation for other wrongs?

    <p>303(i)</p> Signup and view all the answers

    What is the waiting period for an individual to file for Chapter 13 bankruptcy if they have previously filed for Chapter 13 and want to file for bankruptcy again?

    <p>2 year wait</p> Signup and view all the answers

    If a debtor has 500K of unsecured debt, can they be a debtor under Chapter 13?

    <p>No, because the limit for Chapter 13 is $419,000</p> Signup and view all the answers

    What is the waiting period for an individual to file for Chapter 13 bankruptcy if they have previously filed for Chapter 7 and want to file for bankruptcy again?

    <p>4 year wait</p> Signup and view all the answers

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