University of California Irvine Bankruptcy and Estate Planning Questions Class 15 – Bankruptcy and Estate PlanningAttached is the In Class Assignment for t

University of California Irvine Bankruptcy and Estate Planning Questions Class 15 – Bankruptcy and Estate PlanningAttached is the In Class Assignment for this evening. CLASS 15 – BANKRUPTCY IN CLASS ASSIGNMENT
1.
The bankruptcy ____________ is created upon the commencement of a bankruptcy case, and
includes all of the debtor’s interests in real and personal property.
a.
b.
c.
d.
Automatic Stay
Discharge
Probate
Estate
2.
A debtor and creditor can enter into a _______________________ agreement whereby the
debtor agrees to pay the creditor for a debt that is otherwise dischargeable.
a.
b.
c.
d.
3.
Reaffirmation
Reorganization
Restoration
Retribution
A state and/or federal _________________allows a debtor to keep some property.
a.
b.
c.
d.
Preference
Secured Claim
Exemption
Discharge
4.
A(n) ___________________ prohibits creditors from collecting debts after a bankruptcy petition
is filed.
a.
b.
c.
d.
Involuntary Petition
Automatic Stay
Voidable Preference
Fraudulent Transfer
5.
Briefly describe a Chapter 7 bankruptcy.
6.
Briefly describe a Chapter 13 bankruptcy.
7.
Briefly describe a Chapter 11 bankruptcy.
CLASS 15 – ESTATE PLANNING IN CLASS ASSIGNMENT
1.
The estate of a person who dies without a will is distributed according to
a. federal law
b. oral instructions left by the person before death
c. state laws of intestacy
d. administrative law
2.
Property owned by joint tenants with the right of survivorship is distributed on one tenant’s death
a. according to that person’s will
b. to the survivor(s)
c. according to state law
d. to that person’s children
3.
To be valid, a written will can be
a. typed
b. handwritten
c. printed
d. any of these
4.
A completely handwritten will is called a
a. nuncupative will
b. holographic will
c. xerographic will
d. de minimus will
3.
The major reason for estate planning is
a. to create an estate
b. to provide liquidity
c. to minimize taxes
d. all of these
4.
A will can be revoked or changed at any time before death:
True
5.
or
False
A trust set up in one’s will is called a(an)
a. inter vivos trust
b. living trust
c. Totten trust
d. testamentary trust
9. The person named in a will to carry out its terms is the
a. guardian
b. spouse.
c. administrator
d. executor

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