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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?

Debtor challenged the judgment of district court dismissing her class action suit against appellee travel service for lack of standing (A) 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?

Exempt it, assigning it a value of zero (B) Signup and view all the answers

When was Polis discharged from bankruptcy?

The day after initiating the class action (A) Signup and view all the answers

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

Polis's cause of action in the class action suit was worth more than $900 (C) Signup and view all the answers

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

All legal or equitable interests of the debtor in property as of the commencement of the case (D) Signup and view all the answers

How was the value of appellant's claim determined?

The judgment she would obtain if she litigated and won (D) Signup and view all the answers

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

They are claims for money and are part of the debtor's estate (D) Signup and view all the answers

What was the basis of the lawsuit against Getaways?

A transaction that occurred before the bankruptcy petition was filed (B) Signup and view all the answers

How was the value of the lawsuit determined?

Prayer amount multiplied by the chance the claim will be successful (D) Signup and view all the answers

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