Deck 1: The Evolution of Bankruptcy Law

Question 1

The Bankruptcy Act of 1898 was replaced by the Bankruptcy Reform Act of 1978.

Answer 1

True

Question 2

The Bankruptcy Act of 1898 was replaced by the Bankruptcy Act of 1928.

Answer 2

False

Question 3

Article I, Section 8, Clause 4 of the United States Constitution expressly gives Congress power to enact uniform laws respecting bankruptcy.

Answer 3

True

Question 4

The first federal bankruptcy law was enacted in 1789, the year the Constitution empowered Congress to enact such laws.

Question 5

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 superseded the Bankruptcy Reform Act of 1978.

Question 6

Most of the provisions of BAPCPA went into effect for all cases pending on October 17, 2005, one hundred eighty days after enactment.

Question 7

Article I, Section 8, Clause 4 of the United States Constitution mandates that Congress enact uniform laws respecting bankruptcy for the nation.

Question 8

The dollar amounts for eligibility for Chapter 13, exemptions, and priority claims are adjusted ____.

A) every two years
B) every three years
C) every five years
D) when Congress decides to adjust them

Question 9

In 1898, Congress ____.

A) repealed the Bankruptcy Act of 1867
B) enacted the Bankruptcy Act of 1898
C) enacted the Bankruptcy Code of 1898
D) prohibited debtors' prisons as cruel and unusual punishment

Question 10

The United States has had a bankruptcy law in effect continually since 1898.

Question 11

The Bankruptcy Act of 1898 remained in effect as the national bankruptcy law for 71 years.

Question 12

The first bankruptcy law enacted by Congress that was intended to be permanent was the Bankruptcy Act of 1867.

Question 13

The Bankruptcy Judge ____.

A) is an Article I judge
B) is an Article II judge
C) is an Article III judge
D) serves for a seven-year term

Question 14

Briefly discuss the dual nature of bankruptcy as a remedy for both creditors and debtors. Include in your discussion the objectives of both the debtor and the creditors.

Question 15

Under the Bankruptcy Act of 1898, the term "trustee" was used to describe the elected representative of the creditors.

Question 16

Under the Bankruptcy Act of 1898, bankruptcy courts were created as part of the United States district courts.

Question 17

Although under the Bankruptcy Reform Act of 1978 the jurisdictional grant is to the district court, the bankruptcy court has achieved an independent status from the district court.