A presumption of abuse arises when a calculation of the Means Test reveals that the debtor has enough disposable income available to arrange a payment plan with creditors under Chapter 13.
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Q. #2For Chapter 7 filers, the Means Test compares the debtor's annual income to the mean income of households of similar size in their state.
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Q. #3A ________ occurs when the debtor transfers assets to a third party to prevent creditors from satisfying their claims after the debtor files for bankruptcy.
A) Trade
B) Fraudulent conveyance
C) Transaction
D) None of these
Q. #4The debtor is required to appear at a first meeting of the creditors or 341 hearing within ________ days after the bankruptcy petition is filed.
A) 10
B) 20
C) 30
D) 40
Q. #5List three different causes of hearing loss.
What will be an ideal response?
Q. #6One of the purposes of the Means Test is to determine whether the debtor can afford to pay 25 of his or her income on nonpriority, unsecured debt.
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Q. #7When considering whether to grant relief to the debtor, the bankruptcy court judge may refuse to do so if it is determined that the debtor filed the petition in bad faith or, based on a totality of the circumstances, the debtor's financial situation demonstrates abuse.
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