Umiko Files a Petition for Bankruptcy

question 56

Multiple Choice

Umiko files a petition for bankruptcy. Her creditors must file with the court their proof of claims against her assets within

• A)fifteen days of the order for relief.
• B)thirty days of the filing of the petition.
• C)sixty days of the automatic stay.
• D)ninety days of the creditors' meeting.

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Definitions:

Restatement Test

A doctrine used to reinterpret or clarify existing laws or legal principles, often through a secondary authoritative source that restates the law.

Privity Of Contract

The principle that contracts are binding only on the parties signing the agreement, not on any third parties.

Loan Default

The failure to meet the legal obligations or conditions of a loan, such as not making scheduled payments on time.

Sarbanes-Oxley Act

A U.S. federal law enacted to protect investors from the possibility of fraudulent accounting activities by corporations.