March 15, 2024 Bankruptcy Quiz

Bob Keach, a member of the Subchapter V Task Force and one of the original drafters of Subchapter V, thinks:
The In re Free Speech Systems, LLC opinion got it right. The drafters of Subchapter V, in an effort to expand access to small business bankruptcy relief, anticipated that affiliated debtors could arrange the order of their petition filings for one or more of them to stay under the debt limit.
The In re Free Speech Systems, LLC opinion got it wrong. The drafters of Subchapter V did not intend for affiliated debtors to order their bankruptcy petition filings in a manner that would keep one or more of them under the debt limit.
Which of the following is *not* true?
The Fifth Amendment applies in bankruptcy cases.
For purposes of the Fifth Amendment, the 341(a) Meeting of Creditors is considered "testimonial."
As long as a debtor invokes the Fifth Amendment properly, the combination of a debtor's constitutional right to file for bankruptcy and the debtor's privilege against self-incrimination excuses the debtor from filing bankruptcy schedules.
A bankruptcy judge may, in his or her discretion, draw an adverse inference when a debtor properly invokes the Fifth Amendment.
The capitalization rate ("cap rate") is the rate of return on a real estate investment property based on the income that the property is expected to generate. Thus, all other things being equal, which of the following is true about cap rates and appraisal values?
The higher the cap rate, the higher the appraised value.
The higher the cap rate, the lower the appraised value.
Which of the following is *not* a stated factor that the DOJ considers when recommending whether a debtor's student loan should be discharged?
Present Ability to Pay
Future Ability to Pay
Good Faith Efforts
Correlation Between Course of Study and Current Employment
It's a trick question because, at least currently, student loans are not dischargeable in bankruptcy.
The Southeastern Bankruptcy Law Institute (SBLI) predates the American Bankruptcy Institute (ABI).
True
False
0
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