CBA CBA Creditor Rights & Claims

Question 1

Under the US Bankruptcy Code, what is the deadline for most creditors to file a proof of claim in a Chapter 7 case?

Accepted Answer

90 days after the first date set for the meeting of creditors

Answer

Under FRBP 3002(c), most creditors must file a proof of claim no later than 90 days after the first date set for the meeting of creditors under §341.

Question 2

Which section of the Bankruptcy Code governs the allowance and disallowance of claims?

Accepted Answer

11 U.S.C. § 502

Answer

Section 502 of the Bankruptcy Code governs the allowance and disallowance of claims against the estate.

Question 3

A secured creditor's claim is secured only to the extent of the value of the collateral. What happens to the portion exceeding that value?

Accepted Answer

It is treated as a general unsecured claim

Answer

Under 11 U.S.C. § 506(a), the portion of a secured claim exceeding the value of the collateral is treated as a general unsecured claim.

Question 4

What is an 'executory contract' in the context of US bankruptcy proceedings?

Accepted Answer

A contract where material performance remains due on both sides

Answer

An executory contract is one where both parties still have material obligations remaining to be performed, making rejection or assumption necessary in bankruptcy.

Question 5

Under 11 U.S.C. § 507, which of the following is the HIGHEST priority unsecured claim?

Accepted Answer

Domestic support obligations

Answer

Domestic support obligations hold first priority under § 507(a)(1), ranking above administrative expenses and all other unsecured priority claims.

(CBA) Certified Bankruptcy Administrator Practice Test

(CBA) Certified Bankruptcy Administrator Practice Test

CBA CBA Creditor Rights & Claims