AAFM Exam CTEP Topic 5 Question 55 Discussion

Actual exam question for AAFM's CTEP exam

Question #: 55
Topic #: 5

The defined period for fraudulent transfers under the Bankruptcy Code was formerly ____________prior to the debtor's filing for bankruptcy. This period was ____________ by the Bankruptcy Abuse Prevention and Consumer Protection Act of ___________.Transfers to self-settled trusts may be recaptured if made within _________ of the debtor's filing for bankruptcy if the transfer in trust was made with the intent to hinder, delay or defraud present or future creditors.

AOne year ; Extended to two years; 2005; 10 years

BTwo years; Reduced by one year; 2005; 10 years

COne year; Extended to two years; 2008; 15 years

DTwo years; Reduced by one year; 2008; 15 years

Show Suggested Answer

Suggested Answer: A

by Karl at Oct 22, 2024, 05:51 AM

Limited Time Offer

25%

Off

Get Premium CTEP Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Gwenn

6 days ago

Hold on, did someone say 2008? I thought this was all about the 2005 act. Maybe we need to double-check the years here.

upvoted 0 times

...

Mari

7 days ago

D has to be the right answer. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2008 reduced the fraudulent transfer period from two years to one year.

upvoted 0 times

...

Fausto

9 days ago

I'm pretty sure the answer is C. The Bankruptcy Code previously had a one-year period for fraudulent transfers, which was extended to two years by the 2008 act.

upvoted 0 times

...

Earleen

22 days ago

Option B seems the most logical choice, as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 reduced the fraudulent transfer period from two years to one year.

upvoted 0 times