Chapter 7 of the Bankruptcy Code provides for a. liquidation proceedings. b. the adjustment of debts...
Chapter 7 of the Bankruptcy Code provides for
| a. |
liquidation proceedings. |
|
| b. |
the adjustment of debts of individuals—not businesses. |
|
| c. |
the reorganization of the obligations of the debtor. |
|
| d. |
the adjustment of debts of businesses—not individuals. |
Homework Answers
Ans) the correct option is a) liquidation proceedings.
according to specific rules of preference, corporate assets are converted into cash and distributed among creditors and shareholders
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Chapter 7 of the Bankruptcy Code provides for
a.
liquidation proceedings.
b.
the adjustment of debts...
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Under Chapter 7, once the proceeds of the bankruptcy estate have been distributed the debtor's remaining debts O a. are discharged b. renewed without legal action as obligations of the debtor. O c. paid by the court. O d. subject to legal actions to recover any unpaid amounts.
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In a Chapter 7 bankruptcy, on a finding that the use of Chapter 7 would constitute...
In a Chapter 7 bankruptcy, on a finding that the use of Chapter 7 would constitute substantial abuse, the court is most likely to a. extend the time for the debtor’s payment of overdue debts. b. dismiss the debtor’s petition. c. allow a creditor to collect a previous judgment on a disputed debt. d. force a creditor to obtain a new judgment on a claimed debt.
In 1978, Chapters 11 and 13 of the Bankruptcy Code were created which: a. Made it...
In 1978, Chapters 11 and 13 of the Bankruptcy Code were created which: a. Made it easier for creditors to obtain bankruptcy relief b. Allowed creditors to keep all of debtors assets c. Allowed businesses and individuals to reorganize and keep going d. Made it more difficult to declare bankruptcy.
Which of the following statements is most CORRECT? a. Federal bankruptcy law deals only with corporate...
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Rodney (a fictional person) was self-employed, running a successful business, seemingly healthy, and never thought he...
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8. Liquidations in bankruptcy Aa Aa When a business is worth more if its assets are sold than if it continues to operate, then the business is liquidated, and the proceeds from the sale are used to satisfy any outstanding debt. Liquidation occurs when businesses file for bankruptcy under Chapter 7 of the Federal Bankruptcy Reform Act. This act provides for an equitable distribution of the debtor's assets among the creditors. The distribution of assets is governed by a certain...
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