Bankruptcy Basics Day One 04 01 09

37 Questions | Total Attempts: 90

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Bankruptcy Basics Day One 04 01 09

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

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