Practice Quiz

Paralegal Exam Prep - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
186. How does a creditor perfect his or her interest?
  1. By showing that he or she extended credit to the debtor prior to other creditors.
  2. By showing that the debtor agreed to perfect his or her interest.
  3. By contacting the bankruptcy court and letting it know that he or she is a priority creditor.
  4. By filing appropriate paperwork to record his or her security interest.
  5. All of the above.
See answer
187. What is a remedy for a fraudulent conveyance?
  1. The court will reclaim the property and sell it to pay creditors.
  2. The court will subject the debtor to criminal prosecution.
  3. The court will fine the debtor.
  4. All of the above.
  5. None of the above.
See answer
188. Brian filed for bankruptcy. He owed 3 different creditors: BigBox Co., MediumBox Co., and SmallBox Co. Immediately after filing for bankruptcy, Brian sold his car for $5,000. He used the money to pay the entire debt that he owed to BigBox Co. MediumBox Co. accused Brian of making a fraudulent conveyance when he sold his car. How will the court rule?
  1. The sale was not fraudulent conveyance, as cars are exempt.
  2. The sale was a fraudulent conveyance since Brian could have received more money from the sale of his car.
  3. The sale was not a fraudulent conveyance since Brian used the proceeds to pay off a debt owed.
  4. The sale was a fraudulent conveyance because Brian should have first sought the court's permission to sell the car.
  5. The sale was a fraudulent conveyance because Brian should have split the proceeds among all three creditors.
See answer
189. What assets do the Bankruptcy Abuse Prevention and Consumer Protection Act make exempt from bankruptcy forfeiture?
  1. Insurance policies
  2. Real estate
  3. Securities
  4. Personal property
  5. Pension assets
See answer
190. The Fair Debt Collection Practices Act prohibits collection agencies from engaging in which of the following practices?
  1. Communication with third parties.
  2. Calling before 8:00 a.m.
  3. Contacting a person known to be represented by an attorney.
  4. Communicating with consumers at their place of employment after being told that it is not permitted.
  5. All of the above.
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode