Quiz for AHRM 4314 - Debtor-Creditor Relationships with Glynn at Virginia Tech (VT)

Quiz Information

Material Type:Quiz 7
Class:AHRM 4314 - Debtor-Creditor Relationships
Subject:Apparel, Housing, & Resour Mgt
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
  • Unauthorized
  • Immediately
  • Either...or
  • Circumstances
  • Unauthorized Assistance
  • Involuntary
  • Substantive
  • Reorganization
  • Perspective
  • Relationship
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Sample Document Text

QUI Z #7-with answers Section I NAME ________________________ _ 1. (20 points) In the context of bankruptcy what is the meaning of "exempt property"? "Exempt property" is a term used in bankruptcy proceedings to describe the property (real or personal) of a debtor (or the borrower) which, by law, cannot under any circumstances be taken by, or on behalf of creditors for satisfaction or payment of outstanding debts. [Remember however, that a debtor can willingly surrender/sell exempt property and pay the proceeds over to creditors.} 2. (20 points) What must be filed with the bankruptcy court by a debtor or a creditor to commence a bankruptcy case? A petition must be filed with the bankruptcy court. Voluntary petition-a debtor, at any time, can commence a bankruptcy case by simply filing a petition with the bankruptcy court Involuntary petition-a debtor's creditors (usually three are necessary) can file an involuntary petition andforce a debtor into bankruptcy if the debtor is gener...

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