July 21, 2023 Bankruptcy Quiz

Which of the following is true about Merchant Cash Advances?
They first became popular during COVID as small businesses realized their urgent need for working capital.
Bankruptcy courts view them as secured loans, per se, rather than sales, despite language in the agreements to the contrary.
They typically involve a pledge of the "borrower's" receivables.
All of the above.
As one of ABI President Soneet Kapila's first initiatives, the ABI recently setup:
A task force to study student loan discharge issues.
A task force to study Subchapter V of the Bankruptcy Code.
A task force to study the efficacy of the United States Trustee program.
A nationwide clinic for providing bankruptcy assistance to consumer debtors.
What is a Distressed Debt Exchange (DDE)?
An online hub, sort of like Ebay, where claims traders can buy and sell distressed debt.
A federally-backed form of bailout for publicly traded companies where companies in certain critical industries can transfer distressed debts off of their books to the fed in exchange for satisfying certain public service obligations.
A bankruptcy avoidance tool whereby a company that is unable to pay its financial obligations can renegotiate the terms of its debt obligations with its creditors.
The equivalent of a pre-packaged Ch. 11 plan in the EU.
Under the "undue hardship" standard for discharging student loans, courts consider which of the following factors:
(1) Brunner Test
(2) Totality of the Circumstances Test
(3) Modified Regional Means Test
(1) and (2)
All of the above.
Which Circuit is generally not friendly to non-consensual non-debtor releases?
2nd Circuit
3rd Circuit
10th Circuit
11th Circuit
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