CBA Trustee Duties & Responsibilities 2

Question 1

Who presides over the Section 341 meeting of creditors in a Chapter 7 bankruptcy case?

Accepted Answer

The Chapter 7 panel trustee assigned to administer the case

Answer

The Chapter 7 panel trustee — not the bankruptcy judge — presides over and examines the debtor under oath at the Section 341 meeting of creditors.

Question 2

Under 11 U.S.C. § 547(b)(4)(A), a trustee may avoid a preferential transfer made to a non-insider creditor within what lookback period before the petition date?

Accepted Answer

90 days

Answer

Under 11 U.S.C. § 547(b)(4)(A), the trustee may avoid preferential transfers made to non-insider creditors within the 90-day period immediately before the bankruptcy petition was filed.

Question 3

Under what circumstances may a trustee abandon property of the estate under 11 U.S.C. § 554?

Accepted Answer

When the property is burdensome to the estate or is of inconsequential value and benefit to the estate

Answer

Under 11 U.S.C. § 554, a trustee may abandon property that is burdensome to the estate or that has inconsequential value and benefit, ensuring the estate does not waste resources on unprofitable assets.

Question 4

Under 11 U.S.C. § 327(a), what are the two primary requirements for court approval of a trustee's employment of a professional?

Accepted Answer

Court approval must be obtained, and the professional must be disinterested and hold no adverse interest to the estate

Answer

Under 11 U.S.C. § 327(a), professionals may only be employed with court approval, and they must be disinterested persons who do not hold or represent an interest adverse to the estate.

Question 5

Under 11 U.S.C. § 704(a)(6), to whom must a trustee furnish information about the estate and its administration?

Accepted Answer

To any party in interest that makes a reasonable written request for such information

Answer

Under 11 U.S.C. § 704(a)(6), the trustee must furnish information about the estate and its administration to any party in interest who makes a reasonable written request.

(CBA) Certified Bankruptcy Administrator Practice Test

(CBA) Certified Bankruptcy Administrator Practice Test

CBA Trustee Duties & Responsibilities 2