Question 1

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

Accepted Answer

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

Question 2

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

Accepted Answer

The Bankruptcy Act of 1898 was replaced by the Chandler Act of 1938, not the Bankruptcy Act of 1928. The Bankruptcy Act of 1928 did make some amendments to the 1898 Act, but it did not completely replace it.

Question 3

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

Accepted Answer

This is stated in Article I, Section 8, Clause 4 of the US Constitution.

Question 4

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

Accepted Answer

The first federal bankruptcy law in the United States was enacted in 1800, not 1789, although the Constitution did grant Congress the power to enact bankruptcy laws in 1789.

Question 5

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 superseded the Bankruptcy Reform Act of 1978.

Accepted Answer

The answer of The Bankruptcy Abuse Prevention and Consumer Protection...

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.

Accepted Answer

The answer of Most of the provisions of BAPCPA went...

Question 7

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

Accepted Answer

The answer of Article I, Section 8, Clause 4 of...

Question 8

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

Accepted Answer

The answer of The dollar amounts for eligibility for Chapter...

Question 9

In 1898, Congress ____.

Accepted Answer

In 1898, Congress enacted the Bankruptcy Act of 1898, which established the basic structure of modern bankruptcy law in the United States. This Act replaced the Bankruptcy Act of 1867, which had been repealed earlier.

Question 10

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

Accepted Answer

The United States has had a bankruptcy law in effect continually since 1898, with some amendments and updates over the years.

Question 11

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

Accepted Answer

The answer of The Bankruptcy Act of 1898 remained in...

Question 12

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

Accepted Answer

The Bankruptcy Act of 1867 was the first permanent bankruptcy law enacted by Congress.

Question 13

The Bankruptcy Judge ____.

Accepted Answer

Bankruptcy judges are Article I judges, appointed for 14-year terms, not Article III judges who have life tenure.

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.

Accepted Answer

The answer of Briefly discuss the dual nature of bankruptcy...

Question 15

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

Accepted Answer

The Bankruptcy Act of 1898 did use the term "trustee" to refer to the elected representative of the creditors in bankruptcy cases.

Question 16

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

Accepted Answer

The Bankruptcy Act of 1898 did create bankruptcy courts 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.

Accepted Answer

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

Quiz 1: The Evolution of Bankruptcy Law