What is the purpose of a 341 Meeting of the Creditors? When does this meeting occur? Describe what happens at this first meeting.
What will be an ideal response?
Q. 2Distinguish voidable preferences from fraudulent transfers. Describe some of the ways the trustee makes the determination whether a transfer the debtor made was fraudulent or if the debtor is culpable for preferring one creditor over another. Use examples to illustrate your points. Why are these types of transfers voidable?
What will be an ideal response?
Q. 3A(n) ________ occurs when the debtor transfers assets to a creditor prior to filing for bankruptcy.
Fill in the blank(s) with correct word
Q. 4A(n) ________ claim is a loan granted to the debtor in exchange for a lien on the property.
Fill in the blank(s) with correct word
Q. 5Which of the following is not a defense to negligence?
a. self-defense
b. comparative negligence
c. assumption of the risk
d. immunity
Q. 6At the first meeting of the creditors, the trustee reviews the debtor's ________, and invites the creditors who are present to do the same.
Fill in the blank(s) with correct word
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