Bankruptcy Law Quiz
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Questions and Answers

What does §502(c) instruct the court to do?

  • Estimate unliquidated and contingent claims that cannot be resolved without unduly delaying the administration of the case (correct)
  • Fast-track the resolution of unliquidated claims
  • Wait until the validity and amount of every claim is determined
  • Dismiss all unliquidated claims

    • What is the critique regarding §502(c)?

  • It delays the distribution and closing of the bankruptcy case
  • It doesn’t provide a means or process for estimating speculative or contingent claims (correct)
  • It allows the court to dismiss unliquidated claims without consideration
  • It requires a full-scale trial for every claim

    • Why is it necessary to estimate the value of outstanding litigation in a Chapter 7 bankruptcy?

  • To determine the validity of claimholders' claims
  • To delay the administration of the estate
  • To expedite the distribution and closing of the bankruptcy case
  • Bankruptcy cannot proceed without putting some number on the value of the case (correct)

    • What was the procedural posture in the case of In Re Polis?

    <p>Debtor challenged the judgment of district court dismissing her class action suit against appellee travel service for lack of standing</p> Signup and view all the answers

    What did Polis seek to do with the cause of action against Getaways under the Truth in Lending Act?

    <p>Exempt it, assigning it a value of zero</p> Signup and view all the answers

    When was Polis discharged from bankruptcy?

    <p>The day after initiating the class action</p> Signup and view all the answers

    Why did both Getaways and the trustee in bankruptcy move to reopen the bankruptcy proceeding?

    <p>Polis's cause of action in the class action suit was worth more than $900</p> Signup and view all the answers

    According to the rule, what does the Bankruptcy Code allow regarding a debtor's personal property?

    <p>All legal or equitable interests of the debtor in property as of the commencement of the case</p> Signup and view all the answers

    How was the value of appellant's claim determined?

    <p>The judgment she would obtain if she litigated and won</p> Signup and view all the answers

    Why can legal claims be considered as assets for bankruptcy purposes?

    <p>They are claims for money and are part of the debtor's estate</p> Signup and view all the answers

    What was the basis of the lawsuit against Getaways?

    <p>A transaction that occurred before the bankruptcy petition was filed</p> Signup and view all the answers

    How was the value of the lawsuit determined?

    <p>Prayer amount multiplied by the chance the claim will be successful</p> Signup and view all the answers

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