July 7, 2023 Bankruptcy Quiz

Debtor's residence is worth $100,000. There is an $80,000 mortgage on it and a $40,000 junior judicial lien against it. Assume the debtor qualifies for a $30,000 homestead exemption. How much, if any, of the judicial lien can be avoided under Section 522(f)?
$0
$20,000
$30,000
$40,000
Before bankruptcy, the debtor has $2,000 in past due charges for its water bill, with threats of the service being discontinued. If the debtor provides adequate assurance of payment for the post-petition service, then which of the following is correct?
The water provider can discontinue service on account of the unpaid pre-petition bill.
The debtor can maintain the water service post-petition without paying the pre-petition charges.
The debtor can maintain the water service post-petition but only if it also pays the pre-petition charges.
The debtor can maintain the water service only if it cures the unpaid balance promptly and assumes the water service contract.
The Bankruptcy Court announces it decision from the bench on July 3 and then enters a judgment consistent with that decision on July 5. The deadline to file a notice of appeal is:
July 17
July 19
July 24
July 26
Article 2 of the Uniform Commercial Code would not cover a sale of which of the following items?
Wheat yet to be harvested
One hundred shares of IBM stock
An unborn racehorse
An autograph by Babe Ruth
On March 1, Steve’s Auto Parts contracted to sell goods to Bob’s Shop. After delivery on March 20, Steve’s Auto Parts discovers that Bob’s Shop’s filed for Chapter 11 bankruptcy protection on April 1. When must Steve’s Auto Parts make a reclamation demand after discovering the Bob’s Shop bankruptcy filing?
April 9 (twenty days after delivery)
April 21 (twenty days after filing)
May 4 (45 days after delivery)
May 16 (45 days after filing)
0
{"name":"July 7, 2023 Bankruptcy Quiz", "url":"https://www.quiz-maker.com/QZFMIG7K5","txt":"Debtor's residence is worth $100,000. There is an $80,000 mortgage on it and a $40,000 junior judicial lien against it. Assume the debtor qualifies for a $30,000 homestead exemption. How much, if any, of the judicial lien can be avoided under Section 522(f)?, Before bankruptcy, the debtor has $2,000 in past due charges for its water bill, with threats of the service being discontinued. If the debtor provides adequate assurance of payment for the post-petition service, then which of the following is correct?, The Bankruptcy Court announces it decision from the bench on July 3 and then enters a judgment consistent with that decision on July 5. The deadline to file a notice of appeal is:","img":"https://www.quiz-maker.com/3012/images/ogquiz.png"}
Quiz Maker Logo Make your own Quiz
Powered by: Quiz Maker