Bankruptcy Basics Day One 04 01 09
This quiz is designed to test the concepts for the Bankruptcy Basics course you have just attended.
- 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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