AAFM Exam CTEP Topic 5 Question 45 Discussion

Actual exam question for AAFM's CTEP exam

Question #: 45
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 Olene at Jul 06, 2024, 02:13 AM

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Bonita

4 months ago

Okay, let me think this through step-by-step. The question says the period was formerly one year, then it was extended to two years, and the act was passed in 2005. So the answer must be A.

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Irma

3 months ago

That makes sense, A is the correct answer.

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Chantell

3 months ago

I agree, the answer must be A.

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Nan

4 months ago

Haha, I bet the person who wrote this question was trying to trip us up with all those numbers. Gotta stay on your toes for these exams!

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Narcisa

4 months ago

Wait, wasn't it 2008 when the act was passed? I'm a little confused on the timeline here.

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Peter

3 months ago

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

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Levi

3 months ago

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

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Bernardo

3 months ago

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

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Edison

4 months ago

Hmm, I thought the period was extended to two years, not reduced. Let me double-check the question.

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Dewitt

3 months ago

I think you are correct, the period was actually extended to two years in 2005.

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Irma

4 months ago

D) Two years; Reduced by one year; 2008; 15 years

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Franchesca

4 months ago

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

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Tommy

4 months ago

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

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Dudley

4 months ago

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

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Jerry

4 months ago

You're right, I misunderstood the question. A is the correct answer.

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Antione

4 months ago

But the period was extended to two years in 2005, not 2008.

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Levi

5 months ago

I'm pretty sure the answer is B. 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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Terry

4 months ago

So the answer is B, right?

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Lorriane

4 months ago

That's correct. It was reduced by one year.

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Kanisha

4 months ago

I think you're right. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 did reduce the fraudulent transfer period from two years to one year.

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Kanisha

4 months ago

So the answer is B, right?

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Cassie

4 months ago

That's correct. It was reduced by one year.

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Francesco

4 months ago

I think you're right. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 did reduce the fraudulent transfer period from two years to one year.

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Jerry

5 months ago

I disagree, I believe the answer is C.

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Antione

5 months ago

I think the answer is A.

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