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

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Art

1 months ago

Whoever wrote this question needs to lay off the bankruptcy law and go back to their day job as a stand-up comedian. This is a real head-scratcher!

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Lai

6 days ago

C) One year; Extended to two years; 2008; 15 years

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Patrick

18 days ago

B) Two years; Reduced by one year; 2005; 10 years

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Nydia

19 days ago

A) One year ; Extended to two years; 2005; 10 years

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Gwenn

1 months 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.

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Mari

1 months 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.

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Fabiola

6 days ago

You're welcome!

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Argelia

15 days ago

That makes sense. Thanks for clarifying.

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Dominga

20 days ago

Yes, D is correct. The period was reduced by one year in 2008.

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Tiffiny

27 days ago

I think the answer is D.

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Fausto

1 months 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.

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Nu

16 days ago

Yes, you're right. The period for fraudulent transfers was changed in 2008.

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Allene

18 days ago

I believe it was extended to two years in 2008.

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Freeman

1 months ago

I think the answer is C.

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Earleen

2 months 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.

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