Bankruptcy Basics Day One 04 01 09

37 Questions | By Thomasml | Last updated: Mar 22, 2022 | Total Attempts: 90

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Bankruptcy Basics Day One 04 01 09 - Quiz

This quiz is designed to test the concepts for the Bankruptcy Basics course you have just attended.

Questions and Answers

1.

Which of the following types of Proofs of Claim is filed in 90% of all cliams filed by Prommis? (Select One Answer)
- A.
  
  Principal
- B.
  
  Total Debt
- C.
  
  Arrearage
- D.
  
  Amended
2.

The POC main includes amount due as of the petition date (True or False)
- A.
  
  TRUE
- B.
  
  FALSE
3.

Some foreclosure fees and costs are paid post but are considered pre petition debt (True or False)
- A.
  
  TRUE
- B.
  
  FALSE
4.

A confirmation of the plan occurs in all of the following except: (Select One Answer)
- A.
  
  Chapter 13
- B.
  
  Chapter 7
- C.
  
  Chapter 12
- D.
  
  Chapter 11
5.

Escrow advance is a ______ number. (Select One answer)
- A.
  
  Positive
- B.
  
  Negative
- C.
  
  Whole
- D.
  
  Sub Prime
6.

Petition Date is also known as Filing Date (True or False)
- A.
  
  TRUE
- B.
  
  FALSE
7.

Which of the following charges are not often found in the portion of the claim paid by the trustee? (Select One answer)
- A.
  
  Payments
- B.
  
  Escrow Shortage
- C.
  
  Post Petition Payments
- D.
  
  None of the Above
8.

Late charges assessed ________ petition cannot be included in the pre-petition claim. (Fill in the Blank)
- A.
  
  Negative
- B.
  
  Pre
- C.
  
  Positive
- D.
  
  Post
9.

Suspense/unapplied is a? (Select One Answer)
- A.
  
  Credit
- B.
  
  Debit
- C.
  
  Pending Payment Change
- D.
  
  Negative
10.

What does PITI stand for? (Select One Answer)
- A.
  
  Payment, Interest, Time and Insurance
- B.
  
  Principal, Interest, Taxes and Insurance
- C.
  
  Principal, Invoice, Trustee and Insurance
- D.
  
  Payment, Investigate, Trouble and Insurance
11.

A Chapter 7 bankruptcy is? (Select One Answer)
- A.
  
  Liquidation
- B.
  
  A reorganization
- C.
  
  For secured debts
- D.
  
  Cramdown
12.

The primary purpose in filing a chapter 7 is to wipe out? (Select one answer)
- A.
  
  Secured Debt
- B.
  
  Unsecured Debt
- C.
  
  Student Loans
- D.
  
  IRS Payments
13.

Debts that cannot be discharged in a chapter 7? (Check two possible answers)
- A.
  
  Student Loan
- B.
  
  Credit Card Debt
- C.
  
  Child Support
- D.
  
  Medical Bills
14.

The options not available in a chapter 7 bankruptcy for secured debts is? (Select One answer)
- A.
  
  Bring arrears current
- B.
  
  Repayment Plan
- C.
  
  Surrender the property
- D.
  
  None of the above
15.

A reaffirmation is only for which chapter of bankruptcy? (Select One answer)
- A.
  
  Chapter 7
- B.
  
  Chapter 13
- C.
  
  Chapter 11
- D.
  
  Chapter 12
16.

People often file a chapter 13 because there could be debts that cannot be discharged in a chapter 7. (True or False)
- A.
  
  TRUE
- B.
  
  FALSE
17.

The arrears on a secured claim in a chapter 13 are paid between _____ and _____months? (Select two possible answers)
- A.
  
  30
- B.
  
  36
- C.
  
  45
- D.
  
  60
18.

Chapter 11 is typically for: (Select One Answer)
- A.
  
  Individuals
- B.
  
  Businesses
- C.
  
  Farmers
- D.
  
  Liquidations
19.

The automatic stay prevents the creditor from accepting payments from the debtor? (True or False )
- A.
  
  TRUE
- B.
  
  FALSE
20.

Select the one change that did not occur with the reform bill of 2005 (Select One answer)
- A.
  
  Means test to determine ability to repay debts owed
- B.
  
  Debtors pay secured loans per the value of the property
- C.
  
  More limitations to stop abusive filings
- D.
  
  Increased filing requirements
21.

A proof of claim is a document prepared by the debtor reflecting the amount owed as of the date of filing. (True or False)
- A.
  
  TRUE
- B.
  
  FALSE
22.

If the debtor’s plan does not cover our arrears we must file what with the court in a pay per plan jurisdiction? (Select One answer)
- A.
  
  An amended proof of claim
- B.
  
  An objection
- C.
  
  A motion for relief
- D.
  
  A consent order
23.

In TRUSTEE PAY ALL jurisdictions, the debtor pays the pre-petition payments to the trustee and the post petitions directly to the mortgage company. (True or False )
- A.
  
  TRUE
- B.
  
  FALSE
24.

A motion to remove the automatic stay is filed by: (Select One Answer)
- A.
  
  A trustee because payments have not been received by the debtor
- B.
  
  Creditor or creditor's attorney due to post petition delinquency
- C.
  
  The debtor's attorney due to non payment of attorney fees
- D.
  
  All of the above
25.

How many months does a debtor normally have to repay the arrears in a consent order? (Select One Answer)
- A.
  
  3
- B.
  
  6
- C.
  
  9
- D.
  
  12