Homework Answers
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Q13 |
Under Chapter 13 of the Bankruptcy Act: |
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Ans. |
3rd Option: No plan may be approved if an unsecured creditor objects. |
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Q 14 |
A Chapter 13 of the Bankruptcy Code provides an advantage to the debtor by which: |
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Ans. |
3rd Option: The debtor can avoid the stigma of bankruptcy by getting an opportunity to pay the debts in installments under the protection of the Federal Courts. |
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Q15 |
Under Chapter 12 of the Bankruptcy Act: |
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Ans. |
1st Option: The debtor is usually permitted to remain in possession to operate the farm. |
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Question 13 Under Chapter 13 of the Bankruptcy Act. the petition may be voluntary or involuntary...
Question 9 2 pts A bankruptcy petition under chapter 7: can only be filed by the...
Question 9 2 pts A bankruptcy petition under chapter 7: can only be filed by the debtor. can only be filed by the debtor's creditors. @ can only be filed by the trustee. can be filed either by the debtor or his creditors. Question 10 2 pts Under the Bankruptcy Act's exemption provisions the debtor must choose either the state or the federal exemption scheme. the full value of one's motor vehkle is exempt federal chemptions de cat state exemptions...
QUESTION 15 The creditors of Sara Delano have petitioned for involuntary bankruptcy proceedings against her. Delano...
QUESTION 15 The creditors of Sara Delano have petitioned for involuntary bankruptcy proceedings against her. Delano has been consistently paying her obligations on time for the past year, her business was going badly. Two months before the petition was filed, Delano refused a demand by her creditors that a custodian be appointed to protect Delano's property. In her statement contesting the bankruptcy petition, Delano pointed out that she had dealt in good faith and could not be shown to be...
Insolvency and Bankruptcy Multiple choice Question
Multiple Choice Questions1.What is defined as a condition in which a company is unable to meet debts as the debts mature?A.DeficitB.LiabilityC.InsolvencyD.Credit squeeze2.Under a composition agreement,A.creditors agree to accept less than the face amount of their claims.B.debtors in financial difficulty transfer assets "without recourse."C.a creditors' committee is initiated with a plan of settlement proposed by the debtor.D.the debtor petitions for relief in a bankruptcy court.3.In which of the following ways can debt be restructured?I. Assets can be transferred to the creditor.II....
Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform...
Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act. Its creditors are considering an attempt to force liquidation. The company currently holds cash of $18,000 and accounts receivable of $37,000. In addition, the company owns four plots of land. The first two (labeled A and B) cost $20,000 each. Plots C and D cost the company $32,000 and $37,000, respectively. A mortgage lien is attached to each parcel of land as security...
Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform...
Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act. Its creditors are considering an attempt to force liquidation. The company currently holds cash of $6,000 and accounts receivable of $25,000. In addition, the company owns four plots of land. The first two (labeled A and B) cost $8,000 each. Plots C and D cost the company $20,000 and $25,000, respectively. A mortgage lien attached to each parcel of land as security for...
Please choose the right answer only. Question 1: Under the Bankruptcy Code, exemptions are only available...
Please choose the right answer only. Question 1: Under the Bankruptcy Code, exemptions are only available to _____. corporations loan associations individual debtors nonprofit organizations Question 2 Chapter 11 of the Bankruptcy Code deals with _____. liquidations consumer debt adjustments reorganizations fishing operations Question 3 Which of the following payments is considered preferential? Payments made in the ordinary course of business Payment of monthly utility bills Payment made by an insolvent debtor within 250 days of the filing of the...
33) Down Dog Corporation filed a petition under Chapter 7 of the U.S. Bankruptcy Act on...
33) Down Dog Corporation filed a petition under Chapter 7 of the U.S. Bankruptcy Act on June 30, 2017. Data relevant to its financial position as of this date are: Estimated Net Book ValueRealizable Values Cash $ 3,000 $ 3,000 Accounts receivable-net 72,000 48,000 Inventories 60,000 72,000 Equipment-net 165,000 87,000 Total assets $300,000 $210,000 Accounts payable $ 72,000 Rent payable 21,000 Wages payable 45,000 Note payable plus accrued interest 96,000 Capital stock 180,000 Retained earnings (deficit) (120,000)...
1.All but which of the following is true of credit reporting protections provided to consumers under...
1.All but which of the following is true of credit reporting protections provided to consumers under the federal Fair Credit Reporting Act (FCRA)? You can sue for damages if your rights under the act have been violated. Lenders are required to provide a consumer’s credit score as well as any factors that affected that score if the lender took any adverse action based on that score. You must provide written consent before a CRA can provide information to your employer...
Holmes Corporation has filed a voluntary petition with the bankruptcy court in hopes of reorganizing. A...
Holmes Corporation has filed a voluntary petition with the bankruptcy court in hopes of reorganizing. A statement of financial affairs has been prepared for the company showing these debts: $ 20,000 72,000 Liabilities with priority Salaries payable Fully secured creditors : Notes payable (secured by land and buildings valued at $86,000) Partially secured creditors: Notes payable (secured by inventary valued at $32,000) Unsecured creditors Notes payable Accounts payable Accrued expenses 142,000 52,000 12,000 6,000 Holmes has 10,000 shares of common...
8. Liquidations in bankruptcy Aa Aa When a business is worth more if its assets are...
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...
Question 9 2 pts A bankruptcy petition under chapter 7: can only be filed by the debtor. can only be filed by the debtor's creditors. @ can only be filed by the trustee. can be filed either by the debtor or his creditors. Question 10 2 pts Under the Bankruptcy Act's exemption provisions the debtor must choose either the state or the federal exemption scheme. the full value of one's motor vehkle is exempt federal chemptions de cat state exemptions...
QUESTION 15 The creditors of Sara Delano have petitioned for involuntary bankruptcy proceedings against her. Delano has been consistently paying her obligations on time for the past year, her business was going badly. Two months before the petition was filed, Delano refused a demand by her creditors that a custodian be appointed to protect Delano's property. In her statement contesting the bankruptcy petition, Delano pointed out that she had dealt in good faith and could not be shown to be...
Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act. Its creditors are considering an attempt to force liquidation. The company currently holds cash of $18,000 and accounts receivable of $37,000. In addition, the company owns four plots of land. The first two (labeled A and B) cost $20,000 each. Plots C and D cost the company $32,000 and $37,000, respectively. A mortgage lien is attached to each parcel of land as security...
Oregon Corporation has filed a voluntary petition to reorganize under Chapter 11 of the Bankruptcy Reform Act. Its creditors are considering an attempt to force liquidation. The company currently holds cash of $6,000 and accounts receivable of $25,000. In addition, the company owns four plots of land. The first two (labeled A and B) cost $8,000 each. Plots C and D cost the company $20,000 and $25,000, respectively. A mortgage lien attached to each parcel of land as security for...
Holmes Corporation has filed a voluntary petition with the bankruptcy court in hopes of reorganizing. A statement of financial affairs has been prepared for the company showing these debts: $ 20,000 72,000 Liabilities with priority Salaries payable Fully secured creditors : Notes payable (secured by land and buildings valued at $86,000) Partially secured creditors: Notes payable (secured by inventary valued at $32,000) Unsecured creditors Notes payable Accounts payable Accrued expenses 142,000 52,000 12,000 6,000 Holmes has 10,000 shares of common...
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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