Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

12 Questions

0 Views

Bankruptcy Exemption Planning Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

In bankruptcy exemption planning, what is the primary goal?

Converting non-exempt assets into exempt assets

Maximizing the debtor’s exemption to prevent liquidation of assets (correct)

Avoiding filing for bankruptcy altogether

Minimizing the debtor’s exemption to satisfy creditors' claims

What was the outcome in the case of In Re Tveten regarding the attempt to exempt $700k of net assets?

The court held that trying to exempt $700k was excessive and could be seen as taking advantage of the bankruptcy code (correct)

The court ruled that the exemption of $700k was reasonable and in line with bankruptcy laws

The attempt to exempt $700k was successful, and the assets were protected from creditors

The lawyer successfully converted the $700k net worth to exempt assets without any issue

What was the financial situation of Vangen before filing for bankruptcy?

She incurred 400K in marital debt due to a divorce and a dispute involving her husband's company (correct)

She had no outstanding debts before the bankruptcy filing

She successfully liquidated her assets and paid off all her debts

She transferred all her assets to a retirement account to avoid creditors

What did the court's decision in In Re Tveten indicate about attempting to convert non-exempt assets into exempt assets?

Attempting to convert too much money could be problematic and seen as taking advantage of the bankruptcy code Signup and view all the answers

What are the 4 principles to follow in the conversion process from non-exempt to exempt assets?

Using tainted funds, using unsecured credit, selling for fair market value, making misrepresentations to the creditor Signup and view all the answers

What are the 2 ways to retain assets according to the text?

Reaffirmation agreement, redemption Signup and view all the answers

What is the consequence of getting close to 700k according to the Tveten Case?

The trustee will use Tveten to prove a fraudulent transfer Signup and view all the answers

When must the Chapter 7 attorney be paid according to the text?

Upfront (contemporaneous exchange) Signup and view all the answers

What could be considered an antecedent debt according to the text?

Dr. bills Signup and view all the answers

What type of life insurance policy is designed to pay off a borrower's outstanding debts if the borrower dies?

Credit life insurance Signup and view all the answers

In which type of bankruptcy can the trustee be paid throughout the process?

Chapter 13 Signup and view all the answers

What is the consequence of putting money into retirement annuities according to the text?

Risk of losing everything if the insurance company goes into bankruptcy Signup and view all the answers