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
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Homework Answers
A Chapter 7 petition filed by an individual debtor with primarily consumer debts may be dismissed ( upon a finding that granting relief under Chapter 7 would constitute abuse,
Thus the answer is b) dismiss the debtor's petition.
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In a Chapter 7 bankruptcy, on a finding that the use of Chapter
7 would constitute...
Under Chapter 7, to be entitled to receive a portion of a debtor’s estate, each creditor...
Under Chapter 7, to be entitled to receive a portion of a debtor’s estate, each creditor must file a proof of claim with the bankruptcy court within ninety days of a. the creditors’ meeting. b. the order for relief. c. the petition. d. the automatic stay.
When a debtor files for bankruptcy all debt collection actions against the debtor must stop, but...
When a debtor files for bankruptcy all debt collection actions against the debtor must stop, but civil lawsuits against the debtor may continue. True False A Chapter 7 bankruptcy allows a debtor to liquidate his or her assets, distribute them to the creditors, and exit the bankruptcy with all nonexempt debts discharged. True False Which of the following can be discharged in a bankruptcy? Back taxes that are 3 years overdue Student Loans Alimony Child Support Which of the following...
18. A pre-judgment remedy that allows a court to seize contested property to insure that it will be available to paya judgment where there is a significant likelihood that the property would be l...
18. A pre-judgment remedy that allows a court to seize contested property to insure that it will be available to paya judgment where there is a significant likelihood that the property would be lost or devalued before trial is known as a (a) writ of execution; (b) wnit of possession (c) writ of certainty; (d) writ of attachment. 19. The form securing an interest in personal property that must be recorded with the Secretary of State where the property is...
Question 13 Under Chapter 13 of the Bankruptcy Act. the petition may be voluntary or involuntary...
Question 13 Under Chapter 13 of the Bankruptcy Act. the petition may be voluntary or involuntary no debt extensions are permitted. no plan may be approved if n ecured creditor objects no trustee is appointed D Question 14 2 pts A Chapter 13 of the Bankruptcy Code provides an advantage to the debtor by which: the debtor is not obligated to reveals assets. unsecured creditors are not recognized as valid creditors. the debtor can avoid the stigma of bankruptcy by...
Which of the following are dischargeable in a personal chapter 7 bankruptcy? a. a $7,000 designer...
Which of the following are dischargeable in a personal chapter 7 bankruptcy? a. a $7,000 designer watch bought on credit one week before the bankruptcy petition is filed b. a student loan debt that the bankruptcy court has found that the bankrupt person has an undue hardship c. a court judgement against an adult bully who severely beat a classmate in the school parking lot d. $75,000 in alimony owed by a man who is unable to pay because poverty
1. What is the rationale for making the bankruptcy discharge of student loans very difficult? 2....
1. What is the rationale for making the bankruptcy discharge of student loans very difficult? 2. Petitioner argued that she should be able to use a postdischarge event (the auto accident) as a basis for establishing that she could not maintain a “minimal” standard of living, and thus she should get a retroactive discharge of her student loans. What benefit is there to her if she could successfully make the argument, given that she could—as the court noted—file for Chapter...
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....
Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the...
Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $27,200 in free cash. The following debts, totaling $48,050, remain: Government claims to unpaid taxes $ 8,000 Salary during last month Owed to Mr. Key (not an officer) 19,825 Administrative expenses 4,450 Salary during last month Owed to Ms. Rankin (not an officer) 7,225 Unsecured accounts payable Indicate how much money will be paid to the creditor associated with each debt....
Please read the article and answer about questions. You and the Law Business and law are...
Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...
A. Issues [1] In addition to damages for one year's notice period, can a trial judge...
A. Issues [1] In addition to damages for one year's notice period, can a trial judge award significant damages for the mere fact of an employee's dismissal, or for the stigma that that dismissal brings? Or for the employer thereafter competing with the ex-employee for the clients, before the ex-employee has got a new job? B. Basic Facts [2] This is an appeal from 2009 ABQB 591 (CanLII), 473 A.R. 254. [3] Usually a judgment recites facts before law. But...
18. A pre-judgment remedy that allows a court to seize contested property to insure that it will be available to paya judgment where there is a significant likelihood that the property would be lost or devalued before trial is known as a (a) writ of execution; (b) wnit of possession (c) writ of certainty; (d) writ of attachment. 19. The form securing an interest in personal property that must be recorded with the Secretary of State where the property is...
Question 13 Under Chapter 13 of the Bankruptcy Act. the petition may be voluntary or involuntary no debt extensions are permitted. no plan may be approved if n ecured creditor objects no trustee is appointed D Question 14 2 pts A Chapter 13 of the Bankruptcy Code provides an advantage to the debtor by which: the debtor is not obligated to reveals assets. unsecured creditors are not recognized as valid creditors. the debtor can avoid the stigma of bankruptcy by...
Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $27,200 in free cash. The following debts, totaling $48,050, remain: Government claims to unpaid taxes $ 8,000 Salary during last month Owed to Mr. Key (not an officer) 19,825 Administrative expenses 4,450 Salary during last month Owed to Ms. Rankin (not an officer) 7,225 Unsecured accounts payable Indicate how much money will be paid to the creditor associated with each debt....
A. Issues [1] In addition to damages for one year's notice period, can a trial judge award significant damages for the mere fact of an employee's dismissal, or for the stigma that that dismissal brings? Or for the employer thereafter competing with the ex-employee for the clients, before the ex-employee has got a new job? B. Basic Facts [2] This is an appeal from 2009 ABQB 591 (CanLII), 473 A.R. 254. [3] Usually a judgment recites facts before law. But...
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