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Redemption and Repurchase

Description: This quiz covers the concepts of redemption and repurchase in bankruptcy law.
Number of Questions: 14
Created by:
Tags: bankruptcy law redemption repurchase
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What is the right of a debtor to buy back property that has been sold by a secured creditor?

  1. Redemption

  2. Repurchase

  3. Reinstatement

  4. Rescission

Show answer
Correct Option: A
Explanation:

Redemption is the right of a debtor to buy back property that has been sold by a secured creditor.

What is the right of a debtor to buy back property that has been sold by a trustee in bankruptcy?

  1. Redemption

  2. Repurchase

  3. Reinstatement

  4. Rescission

Show answer
Correct Option: B
Explanation:

Repurchase is the right of a debtor to buy back property that has been sold by a trustee in bankruptcy.

What is the time period within which a debtor must exercise the right of redemption?

  1. 10 days

  2. 20 days

  3. 30 days

  4. 60 days

Show answer
Correct Option: C
Explanation:

The time period within which a debtor must exercise the right of redemption is 30 days.

What is the time period within which a debtor must exercise the right of repurchase?

  1. 10 days

  2. 20 days

  3. 30 days

  4. 60 days

Show answer
Correct Option: D
Explanation:

The time period within which a debtor must exercise the right of repurchase is 60 days.

What is the amount that a debtor must pay to redeem property?

  1. The amount of the debt

  2. The amount of the debt plus interest

  3. The amount of the debt plus interest and costs

  4. The amount of the debt plus interest, costs, and reasonable attorney's fees

Show answer
Correct Option: D
Explanation:

The amount that a debtor must pay to redeem property is the amount of the debt plus interest, costs, and reasonable attorney's fees.

What is the amount that a debtor must pay to repurchase property?

  1. The amount of the debt

  2. The amount of the debt plus interest

  3. The amount of the debt plus interest and costs

  4. The amount of the debt plus interest, costs, and reasonable attorney's fees

Show answer
Correct Option: C
Explanation:

The amount that a debtor must pay to repurchase property is the amount of the debt plus interest and costs.

What is the effect of redemption on the debt?

  1. The debt is discharged

  2. The debt is reduced by the amount of the redemption payment

  3. The debt is not affected

  4. The debt is increased by the amount of the redemption payment

Show answer
Correct Option: B
Explanation:

The effect of redemption on the debt is that the debt is reduced by the amount of the redemption payment.

What is the effect of repurchase on the debt?

  1. The debt is discharged

  2. The debt is reduced by the amount of the repurchase payment

  3. The debt is not affected

  4. The debt is increased by the amount of the repurchase payment

Show answer
Correct Option: A
Explanation:

The effect of repurchase on the debt is that the debt is discharged.

Who has the right of redemption?

  1. The debtor

  2. The debtor's spouse

  3. The debtor's children

  4. The debtor's parents

Show answer
Correct Option: A
Explanation:

The right of redemption is held by the debtor.

Who has the right of repurchase?

  1. The debtor

  2. The debtor's spouse

  3. The debtor's children

  4. The debtor's parents

Show answer
Correct Option: A
Explanation:

The right of repurchase is held by the debtor.

Can a debtor redeem or repurchase property that has been sold by a secured creditor if the debtor has filed for bankruptcy?

  1. Yes

  2. No

Show answer
Correct Option: A
Explanation:

A debtor can redeem or repurchase property that has been sold by a secured creditor even if the debtor has filed for bankruptcy.

What is the difference between redemption and repurchase?

  1. Redemption is the right of a debtor to buy back property that has been sold by a secured creditor, while repurchase is the right of a debtor to buy back property that has been sold by a trustee in bankruptcy.

  2. Redemption is the right of a debtor to buy back property that has been sold by a secured creditor, while repurchase is the right of a debtor to buy back property that has been sold by a secured creditor or a trustee in bankruptcy.

  3. Redemption is the right of a debtor to buy back property that has been sold by a secured creditor or a trustee in bankruptcy, while repurchase is the right of a debtor to buy back property that has been sold by a trustee in bankruptcy.

  4. Redemption is the right of a debtor to buy back property that has been sold by a secured creditor or a trustee in bankruptcy, while repurchase is the right of a debtor to buy back property that has been sold by a secured creditor.

Show answer
Correct Option: A
Explanation:

Redemption is the right of a debtor to buy back property that has been sold by a secured creditor, while repurchase is the right of a debtor to buy back property that has been sold by a trustee in bankruptcy.

What are the advantages of redemption and repurchase?

  1. Redemption and repurchase allow the debtor to regain possession of the property.

  2. Redemption and repurchase allow the debtor to reduce the amount of the debt.

  3. Redemption and repurchase allow the debtor to avoid a foreclosure sale.

  4. All of the above

Show answer
Correct Option: D
Explanation:

Redemption and repurchase allow the debtor to regain possession of the property, reduce the amount of the debt, and avoid a foreclosure sale.

What are the disadvantages of redemption and repurchase?

  1. Redemption and repurchase can be expensive.

  2. Redemption and repurchase can be time-consuming.

  3. Redemption and repurchase can be difficult to obtain.

  4. All of the above

Show answer
Correct Option: D
Explanation:

Redemption and repurchase can be expensive, time-consuming, and difficult to obtain.

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