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Bankruptcy Law

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Questions and Answers

What is the role of the bankruptcy trustee in a chapter 7 bankruptcy?

Collecting and selling the property of the estate (correct)

Appointing a trustee for the debtor in possession

Overseeing the debtor's payment plan

Advising the debtor in possession

Under what circumstances would a trustee be appointed in a chapter 11 bankruptcy?

If the debtor in possession requests

If the creditor requests and the court approves (correct)

If the court deems it necessary for reorganization

If the debtor files a petition

In a chapter 13 bankruptcy, what is the role of the bankruptcy trustee?

Selling the property of the estate

Taking possession of the property of the estate

Overseeing the debtor's payment plan (correct)

Appointing a trustee for the debtor in possession

What is included in the bankruptcy estate according to §541(a)?

All legal or equitable interests of the debtor, including inherited property Signup and view all the answers

What is included in the bankruptcy estate as of the commencement of the case?

All of the debtor’s interest in community (marital) property Signup and view all the answers

Under Chapter 7, are wages paid 8 days after filing for bankruptcy part of the bankruptcy estate?

No, because post-petition property is not allowed in the bankruptcy estate Signup and view all the answers

What happens to a lease or executory contract under section 365 of bankruptcy law?

Rejection, Assumption, or Assignment Signup and view all the answers

What is the effect of Rejection under section 365 of bankruptcy law on the property of the estate?

The property is not part of the estate Signup and view all the answers

Under §541(c)(2), what type of retirement plan is excluded from the bankruptcy estate?

ERISA qualified plan Signup and view all the answers

What is the treatment of a lease or executory contract under section 365 of bankruptcy law?

Rejection becomes an unsecured claim, Assumption creates administrative expense priority claim, Assignment has no claim against the estate Signup and view all the answers

What is excluded from the bankruptcy estate under §541(b)(7)?

Retirement assets beyond ERISA plans Signup and view all the answers

What is included in the bankruptcy estate for Chapter 11, 12, 13 debtors' earnings from postpetition services?

Included in the estate property Signup and view all the answers

What counts as property of the estate under 'all legal or equitable interests'?

A pending lawsuit Signup and view all the answers

Is only 50% of Blackacre considered property of the estate?

Yes, only 50% of Blackacre becomes property of the estate Signup and view all the answers

Are the Jetta and wedding ring part of the bankruptcy estate?

Yes, because the debtor’s equity in each item falls below the exemption value Signup and view all the answers