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Questions and Answers
What must a debtor file upon filing for bankruptcy according to §521?
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?
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?
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)?
How is the value of exempt assets determined according to §506(a)(2)?
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