Unsecured Claims Quiz
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Questions and Answers

What is a liquidated claim?

  • A claim that is discharged after a bankruptcy discharge
  • A claim for a specific amount of money agreed upon by the debtor and creditor (correct)
  • A claim for an unspecified amount of money
  • A claim for breach of agreement that has not been quantified
  • Which type of claim does the creditor not know the exact amount owed by the debtor?

  • Equitable claim
  • Secured claim
  • Discharged claim
  • Unliquidated claim (correct)
  • What happens to 'ONLY Claims' during a bankruptcy case?

  • They are paid from the bankruptcy distributions (correct)
  • They are not affected by the bankruptcy
  • They are stayed during a bankruptcy case
  • They are discharged after a bankruptcy discharge
  • According to 502(a), who does a 'party in interest' include?

    <p>Creditors of a partner in a partnership that is a debtor under chapter 7</p> Signup and view all the answers

    In bankruptcy, when does a claim become dischargeable?

    <p>When the claim is contingent on another event</p> Signup and view all the answers

    In bankruptcy, when can a landlord not terminate a lease with a tenant?

    <p>When the tenant files for bankruptcy</p> Signup and view all the answers

    Who bears the burden of proof on a tax claim in bankruptcy court according to the case of Raleigh v. Illinois Department of Revenue?

    <p>The trustee in bankruptcy</p> Signup and view all the answers

    What is the exception to the automatic stay in bankruptcy for enforcement of a government unit’s policy and regulatory power?

    <p>Section 503(b)(4)</p> Signup and view all the answers

    When does an order to do something become dischargeable in bankruptcy?

    <p>When it is converted to a monetary obligation</p> Signup and view all the answers

    What type of claim is not dischargeable in bankruptcy according to the case of Ohio v. Kovacs?

    <p>Environmental cleanup claims</p> Signup and view all the answers

    In bankruptcy, when can a claim be reduced or disallowed by a creditor?

    <p>When the claim is contingent on another event</p> Signup and view all the answers

    What is the exception to the automatic stay in bankruptcy for enforcement of a government unit’s policy and regulatory power?

    <p>Section 503(b)(4)</p> Signup and view all the answers

    When does an order to do something become dischargeable in bankruptcy?

    <p>When it is converted to a monetary obligation</p> Signup and view all the answers

    What type of claim is not dischargeable in bankruptcy according to the case of Ohio v. Kovacs?

    <p>Environmental cleanup claims</p> Signup and view all the answers

    In bankruptcy, when can a claim be reduced or disallowed by a creditor?

    <p>When the claim is contingent on another event</p> Signup and view all the answers

    In bankruptcy, when can a landlord not terminate a lease with a tenant?

    <p>When the tenant files for bankruptcy</p> Signup and view all the answers

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