Homework Answers
Question 9:
can be filed either by the debtor or his creditors
According to the 2005 revisions of the Bankruptcy Code individual debtors must file, along with their schedules of assets and liabilities.
Question 10:
the debtor must choose either the state or the federal exemption scheme
The debtor is also permitted to void judicial liens against exempt properties that impair his/her exemptions.
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Question 9 2 pts A bankruptcy petition under chapter 7: can only be filed by the...
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...
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)...
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...
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...
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...
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...
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...
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...
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