Question

1. Bankruptcy law is primarily state law. a. True b. False 2. The government is given the power to establish bankruptcy laws in Article I, Section 8 of the . The purpose of bankruptcy law is to protect the by giving him or her a fresh start and to ensure treatment of the . Fill in the blanks with words that would best complete the passage. equitable federal debtor perfect state assets state constitutions creditors U.S. Constitution 3. Bankruptcy proceedings are held in . 4. Title of the United States Code contains the Bankruptcy Code. 5. The Bankruptcy Code has several chapters. Chapter provides for liquidation proceedings, Chapter governs reorganizations, and Chapter provides for an adjustment of debts for individuals with regular income. 6. In order to obtain bankruptcy relief a debtor must be insolvent, or unable to pay his debts. a. True b. False 7. Consumer-debtors are those whose debts result from the purchase of goods for use. The Bankruptcy Code that court clerks provide additional to consumer-debtors when they file for bankruptcy.

Answer 1

1. Bankruptcy law is primarily state law. b. False

2. The federal government is given the power to establish bankruptcy laws in Article I, Section 8 of the U.S constitution. The purpose of bankruptcy law is to protect the debtor by giving him or her a fresh start and to ensure equitable treatment of the creditors.

Fill in the blanks with words that would best complete the passage.

equitable federal debtor perfect state assets state constitutions creditors U.S. Constitution

3. Bankruptcy proceedings are held in federal bankrupcy courts.

4. Title 11 of the United States Code contains the Bankruptcy Code.

5. The Bankruptcy Code has several chapters. Chapter 7 provides for liquidation proceedings, Chapter 11 governs reorganizations, and Chapter 13 provides for an adjustment of debts for individuals with regular income.

6. In order to obtain bankruptcy relief a debtor must be insolvent, or unable to pay his debts. b. False

7. Consumer-debtors are those whose debts result from the purchase of goods for personal use. The Bankruptcy Code requires that court clerks provide additional information to consumer-debtors when they file for bankruptcy.