Bankruptcy Filing Requirements and Debtor's Duties Quiz
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Questions and Answers

What must a debtor file upon filing for bankruptcy according to §521?

  • A list of assets, a schedule of creditors, a statement of current income, and a schedule of financial affairs
  • A list of creditors, a schedule of assets and liabilities, a schedule of current income and current expenditures, and a statement of financial affairs (correct)
  • A list of creditors, a schedule of assets, a schedule of liabilities, and a statement of current income
  • A list of current expenditures, a schedule of assets and liabilities, a statement of creditors, and a schedule of financial income
  • What is the purpose of the three choices a debtor has regarding property in Chapter 7 bankruptcy?

  • To avoid automatic stay violations and determine the fate of the assets (correct)
  • To prevent creditors from contacting the debtor and to ensure all assets go into the bankruptcy estate
  • To expedite the bankruptcy process and to minimize the trustee's involvement
  • To increase the debtor's options and to complicate the distribution of assets
  • What does §521(a)(2)(A) require a debtor to file within 30 days of filing a Chapter 7 bankruptcy?

  • A statement of intention regarding property conversion to exempt, and then file for an extension with the court
  • A statement of intention regarding property conversion to exempt, and then seek approval from the creditors
  • A statement of intention regarding property conversion to exempt, and then wait for the trustee's decision
  • A statement of intention regarding property conversion to exempt, and then perform the intention with respect to the property listed (correct)
  • How is the value of exempt assets determined according to §506(a)(2)?

    <p>By using the retail value</p> Signup and view all the answers

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