Section 2: 15–25%R7
Bankruptcy
Exam Insight
Bankruptcy ties together the priority of claims, preferential transfers, and nondischargeable debts — all favorite REG MCQ fodder. Knowing which chapter applies and the order of distribution lets you answer most questions cold.
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What AICPA Wants You to Know
- 1Distinguish Chapter 7, Chapter 11, and Chapter 13
- 2Apply the rules for voluntary vs. involuntary petitions
- 3Explain the automatic stay and what property enters the estate
- 4Apply the means test for individual Chapter 7 eligibility
- 5Order the priority of unsecured claims
- 6Identify preferential and fraudulent transfers and nondischargeable debts