15 Questions
What is the role of the bankruptcy trustee in a chapter 7 bankruptcy?
Collecting and selling the property of the estate
Under what circumstances would a trustee be appointed in a chapter 11 bankruptcy?
If the creditor requests and the court approves
In a chapter 13 bankruptcy, what is the role of the bankruptcy trustee?
Overseeing the debtor's payment plan
What is included in the bankruptcy estate according to §541(a)?
All legal or equitable interests of the debtor, including inherited property
What is included in the bankruptcy estate as of the commencement of the case?
All of the debtor’s interest in community (marital) property
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
What happens to a lease or executory contract under section 365 of bankruptcy law?
Rejection, Assumption, or Assignment
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
Under §541(c)(2), what type of retirement plan is excluded from the bankruptcy estate?
ERISA qualified plan
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
What is excluded from the bankruptcy estate under §541(b)(7)?
Retirement assets beyond ERISA plans
What is included in the bankruptcy estate for Chapter 11, 12, 13 debtors' earnings from postpetition services?
Included in the estate property
What counts as property of the estate under 'all legal or equitable interests'?
A pending lawsuit
Is only 50% of Blackacre considered property of the estate?
Yes, only 50% of Blackacre becomes property of the estate
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
Test your knowledge of bankruptcy law with this quiz on the property of the estate. Explore the assets included, the role of the bankruptcy trustee, and the distribution of proceeds to creditors. This quiz covers important concepts related to Chapter 7 and Chapter 11 bankruptcy proceedings.
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