1. Christina has been sued and is worried about losing her "stuff." She understands that there is an exemption for housing, but doesn't want to lose all of her belongings. She most likely will be able to keep all of her personal property listed below except:
a. a very expensive vase that she purchased on a trip to China.
b. her pet dog.
c. pictures of her family taken over the years and stored in albums.
d. her clothing.
2. Jason is a small-business owner. He has a dry cleaning business. One year, Jason has to replace nearly all of his equipment, and the rent on his building increases. Jason borrows money to cover his expenses. Business is slow, however, and Jason eventually realizes he must declare bankruptcy. Neither Jason nor his creditor wants the expense and hassle of going to court. They can settle their creditor-debtor relations outside of court through a:
a. revisionary loan.
b. Chapter 13 reorganization.
c. petition.
d. workout.
3. Carolina files for Chapter 7 bankruptcy and the automatic stay goes into effect. Even so, which of the following creditors may continue to collect the debt owed by Carolina?
a. Carolina's credit card company to whom she owes $12,425 for a trip to Paris six months ago.
b. Carolina's first husband to whom she owes monthly support payments.
c. The bank to whom she owed $250,000 on a mortgage for her home.
d. The car dealer from whom Carolina bought her Mercedes two years ago