If the trustee determines that the debtor does not qualify for Chapter 7, he or she may recommend that the debtor convert the Chapter 7 case to a Chapter 15.
Indicate whether the statement is true or false
Q. 2Most Chapter 7 liquidations are considered asset cases.
Indicate whether the statement is true or false
Q. 3According to 11 U.S.C 101(41), any personan individual; partnership; corporation or other form of business entity that resides or has a domicile, place of business, or property in the United States; or municipalitymay file for Chapter 7 liquidation bankruptcy.
Indicate whether the statement is true or false
Q. 4At the first ________ the trustee reviews the debtor's petition, schedules, and statements and may ask the debtor a series of questions regarding these documents.
A) Meeting of the minds
B) Meeting of the creditors
C) Meeting of the trustees
D) None of these
Q. 5The filing of a Chapter 7 petition creates a(n) ________, which consists of all legal and equitable interests a debtor might own in property at the time of the filing of the Chapter 7 petition.
A) Bankruptcy petition
B) Bankruptcy filing
C) Bankruptcy estate
D) Estate for years
E) Life estate
Q. 6The rights of one landowner are limited by the same, co-equal rights of adjoining property owners.
A. True
B. False
Q. 7A ________ is the creditor's right to receive payment for a debt the debtor owes on the date of the bankruptcy filing.
A) Pay day
B) Claim
C) Claimant
D) Discharge
E) Dismissal
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