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AAFM Exam CTEP Topic 5 Question 55 Discussion

Actual exam question for AAFM's CTEP exam
Question #: 55
Topic #: 5
[All CTEP Questions]

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.

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Suggested Answer: A

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

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Art
2 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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Kindra
27 days ago
D) Two years; Reduced by one year; 2008; 15 years
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Lai
1 months ago
C) One year; Extended to two years; 2008; 15 years
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Patrick
2 months ago
B) Two years; Reduced by one year; 2005; 10 years
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Nydia
2 months ago
A) One year ; Extended to two years; 2005; 10 years
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Gwenn
2 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
2 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
1 months ago
You're welcome!
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Argelia
2 months ago
That makes sense. Thanks for clarifying.
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Dominga
2 months ago
Yes, D is correct. The period was reduced by one year in 2008.
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Tiffiny
2 months ago
I think the answer is D.
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Fausto
3 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
2 months ago
Yes, you're right. The period for fraudulent transfers was changed in 2008.
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Allene
2 months ago
I believe it was extended to two years in 2008.
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Freeman
2 months ago
I think the answer is C.
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Earleen
3 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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Yong
2 months ago
That's correct. It's important to be aware of the rules regarding fraudulent transfers in bankruptcy cases.
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Adell
2 months ago
So, transfers to self-settled trusts may be recaptured if made within one year of the debtor's filing for bankruptcy.
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Tanesha
2 months ago
Yes, that's right. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made that change.
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Vallie
3 months ago
I think option B is correct, the period for fraudulent transfers was reduced by one year in 2005.
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Francine
3 months ago
I disagree, I believe the answer is C.
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Rosalia
3 months ago
I think the answer is A.
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