62. Which of the following is an example of personal property that normally WOULD NOT be exempt from the satisfaction of judgment debts?
a. Pets and most livestock.
b. Clothing.
c. Jewelry.
d. A vehicle for transportation.
63. What are the two goals of bankruptcy law in the United States?
a. To protect the real property of creditors and its value.
b. To make loans more available to those who have fallen on hard times and to ensure that third parties will guarantee loans.
c. To give debtors a fresh start and to provide equitable treatment to creditors competing for debtor assets.
d. To hide debtor assets to the greatest extent possible and to relieve debtors of all debts owed to banks.
64. The type of bankruptcy proceeding used most commonly by corporations is a reorganization under:
a. Chapter 13.
b. Chapter 12.
c. Chapter 11.
d. Chapter 5.
65. The most familiar type of bankruptcy proceeding is:
a. corporate reorganization.
b. proceedings under Chapter 11.
c. family farmer protection under Chapter 12.
d. liquidation proceedings under Chapter 7.
66. The "adequate protection doctrine" states that:
a. all debtors must receive adequate physical protection from creditors.
b. creditors must be protected against all losses in bankruptcy.
c. secured creditors should not lose their security as a result of an automatic stay.
d. unsecured creditors should be protected from the aggressive behavior of secured creditors.
67. Normally, in order to receive a portion of a debtor's estate, what must each creditor file?
a. A petition in bankruptcy.
b. A proof of claim.
c. A notice of exemption.
d. A bill of attainder.
68. Assume that Caleb has filed a petition for bankruptcy under Chapter 7. Caleb owes $2.37 million to assorted creditors. Two months before filing his petition, Caleb sold his beach house to his brother Jonah for $150,000. The house was valued at $699,000. What happens to the house?
a. Jonah keeps the house.
b. The trustee avoids the sale, and the house reverts to Caleb's estate.
c. The house is taken from Jonah and given to the secured creditor with the largest claim on Caleb's estate.
d. The sale of the house to Jonah is a preference.
69. What if, after filing the petition, Caleb transfers his 700 Series BMW to White Plains BMW (the secured creditor of the car), because Caleb is a close friend of the owner of White Plains BMW?
a. This is fine because White Plains BMW is a secured creditor.
b. This is fine because Caleb can deal with secured creditors however he wishes.
c. The transfer may not be avoided.
d. The transfer is a preference that may be avoided