BUS 263 FINAL

A mortgage will typically contain:

A description of the property The amount of debt involved

Which of the following debt item(s) are not extinguished by a chapter 7 bankruptcy?

Alimony

Voluntary chapter 13 bankruptcies:

Apply to individuals only

The final stage of bankruptcy is knows as:

Discharge in bankruptcy

When a business lends another business money, it should perfect its security interest by:

Filings its financial statement with the state secretary of state.

Under Chapter 13, which kind of debt is subject to different repaying schedule?

Long term secured debt

If a debtor refuses to pay an unsecured creditor, and the debtor is insolvent, the unsecured creditor collects:

Nothing

In order to establish a superior right, a creditor must:

Prohibit a default

In the case of bankruptcy, which of the following classes of creditors have highest priority

Secured creditors

Brandon files for a chapter 11 bankruptcy on behalf of his company. Brandon's BBQ. The company is allowed to continue its operations during this period Brandon is:

The Debtor in Possession A trustee

Billy wants to borrow $10,000 to start a male belly dancing business. Creditors are not anxious to lend him the funds. Billy Convinces Gary to back-up his credit. Gary is:

The surety

Tiny borrows 20k from First Bank. Mike is the surety on the loan. Tiny defaults and First required Mike to pay the balance of the loan. In this case, Mike may see:

Tiny to reimburse of exonerate him

According to the UCC, a creditor may repossess a product in which it has a security interest:

Without judicial process So long as this doesn't cause a breach of peace.

Bankruptcy law:

is federal statutory law

A creditor is a person or business who:

lends money to someone else