CIRA Study Guide 2026
Everything you need to pass the CIRA exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 CIRA Exam Format at a Glance
📚 CIRA Topics to Study (37)
✍️ Sample CIRA Questions & Answers
1. An 'executory contract' in bankruptcy is best described as:
An executory contract is one where both the debtor and counterparty have ongoing obligations; the debtor may assume (keep) or reject (breach and treat as pre-petition claim) such contracts.
2. What is a 'preference' under Section 547 of the Bankruptcy Code, and what is the general look-back period for non-insiders?
A preference under Section 547 is a transfer to a creditor on account of antecedent debt made within 90 days before filing while the debtor was insolvent.
3. In restructuring negotiations, an 'adequate protection' payment is best described as:
Adequate protection under Sections 361–363 compensates secured creditors for any decrease in their collateral value during the bankruptcy case, which may take the form of cash payments, replacement liens, or other relief.
4. The 'absolute priority rule' in bankruptcy governs:
The absolute priority rule requires that senior classes be paid in full before junior classes receive any recovery under a Chapter 11 plan.
5. Which test is used under Section 548 to determine if a transfer was made for less than reasonably equivalent value?
Section 548 avoids transfers where the debtor received less than reasonably equivalent value in exchange while insolvent or rendered insolvent by the transfer.
6. What is the MOST effective way for new CIRA professionals to build competency?
Building competency requires formal education, mentored practice, and ongoing development.