August 25, 2023 Bankruptcy Quiz

Generally, the trustee has how much time to commence Chapter 5 avoidance actions?
180 days after the petition date.
2 years after the petition date.
2 years after the petition date (unless state law is the basis for the avoidance action and has a longer "look back" period).
2 years after the petition date in Chapter 7; 2 years after the confirmation date in Chapter 11.
The trustee files a preference action in District ABC (where the bankruptcy case is pending) against a creditor that is a New York corporation who resides in District XYZ. The amount of the preference claim is $17,000. Which of the following statements is most accurate?
Venue is proper in District XYZ because, under 26 U.S.C. § 1409(a), the preference claim is less than $25,000.
Venue is proper in District ABC because 26 U.S.C. § 1409(a) doesn't apply to preferences.
It depends, because bankruptcy courts differ on whether the limitation in 26 U.S.C. § 1409(a) applies to preference actions.
Venue is not proper in District ABC unless the New York corporation filed a proof of claim.
A debtor in a Chapter 7 case who, on the petition date, owed money to the IRS on back taxes, transferred his mint condition Mickey Mantle rookie card to his brother "for love and affection" 5 years and 6 months prior to filing his bankruptcy case. Which of the following statutes might provide the trustee a basis for avoiding the transfer?
11 U.S.C. § 548
Fair Debt Collection Practices Act
Federal Debt Collection Procedure Act
None of the Above
There is a rebuttable presumption of insolvency for which, if any, of the following avoidance actions?
(A) Preference Actions
(B) Fraudulent/Voidable Transfer Actions
(C) A and B
(D) None of the Above
As much as attorney (and friend of the blog) Steve Jakubowski dislikes the opinion, Supreme Court Justice Holmes' one-page opinion in Moore v. Bay, 284 U.S. 4 (1931), is commonly cited in support of which proposition?
A trustee may only avoid a transfer to the extent of the “triggering creditor’s” claim amount.
A trustee may avoid a transfer to the full extent of the transfer, even if it exceeds the "triggering creditor's" claim amount.
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