CBS Legal Filing & Court Procedures

Question 1

What is the first step in filing for bankruptcy?

Accepted Answer

Filing a bankruptcy petition with the court.

Answer

Notifying creditors verbally.

Answer

Transferring assets to relatives.

Answer

Applying for a new credit card.

Question 2

Which court handles bankruptcy cases in the United States?

Accepted Answer

U.S. Bankruptcy Courts.

Answer

State Supreme Courts.

Answer

Small Claims Courts.

Answer

County Municipal Courts.

Question 3

What document must debtors complete to disclose their financial situation when filing for bankruptcy?

Accepted Answer

A schedule of assets and liabilities.

Answer

A letter of intent.

Answer

A business proposal.

Answer

A credit score statement.

Question 4

What is the purpose of the 341 meeting in bankruptcy proceedings?

Accepted Answer

To allow creditors and the trustee to question the debtor.

Answer

To finalize debt discharge.

Answer

To negotiate new credit terms.

Answer

To determine the debtor's employment status.

Question 5

What is the role of a bankruptcy trustee?

Accepted Answer

To manage the case and distribute assets to creditors.

Answer

To represent the debtor in court.

Answer

To issue new lines of credit.

Answer

To prevent all debt collection efforts.

Question 6

Which type of bankruptcy requires a repayment plan instead of asset liquidation?

Accepted Answer

Chapter 13.

Answer

Chapter 7.

Answer

Chapter 11.

Answer

Chapter 12.