May 02, 2012 Articles

Bankruptcy 101: Are You Smarter than a 1L?

Test your bankruptcy knowledge by answering these questions and finding out if you’re smarter than a first-year law student.

By Aubrey Colvard

Bankruptcy issues can often be confusing to those who do not practice bankruptcy law. With its own courts, code, and lingo, bankruptcy is truly a horse of a different color. Though bankruptcy issues can sometimes be daunting, there are certain bankruptcy basics every 1L knows. Test your bankruptcy knowledge by answering the questions below and finding out if you’re smarter than a 1L.

Questions:

1. What are the three most common types of bankruptcy, and what are the differences between them?

2. What is the governing body of law for bankruptcy?

3. Who the debtor is and who the creditors are is clear enough, but who or what is the “trustee”?

4. What is an “automatic stay” and how does it affect creditors?

5.What is a 341 meeting?

Extra Credit: What is a “DIP”?

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