Deck 20: Filing a Bankruptcy Petition

Question 1

What is a bare-bones petition?

Answer 1

90. A bare bones petition is a petition filed with the basic information. It's sometimes done by pro se debtors that are trying to take advantage of the automatic stay or by bankruptcy attorneys who did not have sufficient time to complete the petition. However, any information missing, will have to be included later on by amending the petition.

Question 2

Can a debtor dismiss a Chapter 13 and negotiate with creditors any outstanding debt?

Answer 2

True

Question 3

Once a bankruptcy has been filed, a debtor can't convert it to another chapter.

Answer 3

False

Question 4

Describe a Chapter 20 bankruptcy and why it would be filed.

Question 5

Fred filed for Chapter 13, and at the 341 Meeting of Creditors, the trustee states that the payment plan was calculated incorrectly.

A) Fred's case will be dismissed, and he will need to wait six months to refile, unless Fred seeks to shorten the prejudice period.
B) The payment plan is not due prior to the 341 Meeting, so Fred's case should not be dismissed.
C) Fred has five days from the 341 Meeting to file the plan.
D) Fred can file a modified plan prior to the confirmation hearing.

Question 6

A proof of claim for a Chapter 13 is filed

A) within 90 days for creditors.
B) within 180 days for government entities.
C) All of the above.
D) any time prior to discharge.
E) None of the above.

Question 7

During what time period must attorney's fees be paid in a Chapter 13 plan?

A) Within the first ten months.
B) Within eighteen to twenty-four months.
C) There is no specific time period except for during the duration of the plan.
D) None of the above.

Question 8

Because Chapter 13 cases require a Confirmation Hearing, the 341 Meeting can be waived by the debtor in writing in order to save time and money.

Question 9

A wage deduction order can be waived by requesting it in writing from the trustee?

Question 10

Attorney's fees in a Chapter 13 case must _________.

A) have fifty percent paid prior to filing.
B) have ten percent paid upfront or within ten months, whichever is greater.
C) be paid in full within ten months.
D) none of the above.

Question 11

The debtor can't afford to fund the plan with equal payments each month. However, the debtor receives a substantial bonus at the end of each calendar year. The best option is to

A) file a 341 plan.
B) file a step plan.
C) file a Marshall plan.
D) none of the above.

Question 12

The maximum amount of times a plan can be amended is ________.

A) three times.
B) four times.
C) every year.
D) none of the above.

Question 13

What is the purpose of a wage deduction order?

Question 14

What is a Notice of Deficiency Filing?

Question 15

What is a step plan?

Question 16

Due to a divorce, John filed for Chapter 13 bankruptcy and received his discharge five years ago. But now, due to the economy, John wishes to file for Chapter 7 bankruptcy. Can he do so?

Question 17

How are debts categorized in Chapter 13?

Question 18

Describe the three options for payment in Chapter 13.

Question 19

In what time frame must attorney's fees be paid through the plan.