The Automatic Stay may remain in effect until the bankruptcy court judge lifts or removes it upon formal request of the creditor.
Indicate whether the statement is true or false
Q. #2Filing the bankruptcy petition with the court clerk's office automatically stays, or stops, any further action against the debtor.
Indicate whether the statement is true or false
Q. #3The Automatic Stay does not prohibit all legal and collections actions against a debtor.
Indicate whether the statement is true or false
Q. #4Some bankruptcy attorneys make it a practice to ________ that their client has filed for bankruptcy so that the creditor will receive notice prior to the bankruptcy court clerk's notification of the filing.
A) Notify the creditors a week after the petition is filed
B) Notify the creditors immediately
C) Notify the co-debtors
D) Notify the bankruptcy clerk
Q. #5Creditors who have engaged in activities that could be deemed a violation of the Automatic Stay may argue that they ________ regarding the filing of the bankruptcy petition.
A) Intend to file an objection
B) Did not receive notice
C) Received late notice
D) Take issue
E) None of these
Q. #6Filing the bankruptcy petition creates the ________, which encompasses all the legal and equitable interests of the debtor in property the debtor owns anywhere or in anyone's possession.
A) Estate for years
B) Fee tail estate
C) Property of the estate
D) Property du jour
Q. #7What is the bankruptcy estate? Review 11 U.S.C. 541 as provided in chapter 3 and list five assets that are considered part of the bankruptcy estate.
What will be an ideal response?
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