CH 37 BLAW
To force a debtor.. claims that add up to at least
$15,775
A voluntary petition in bankruptcy must include
a list of the debtor's creditors and amount owed
Shippers Dispatch Company orders office equipment from Office Outfitters, Inc., which has an unperfected security interest in the equipment until it is paid for. Meanwhile, Shippers Dispatch takes out a loan from Capital Credit, Inc., subject to a security interest in Shippers Dispatch's building and equipment, which Capital perfects. Shippers Dispatch files a bankruptcy petition under Chapter 7. If the petition is granted, in what order will Shippers Dispatch's creditors be paid?
1. capital, which has a perfected security interest in shipper's dispatch building and equiptment 2. office outfitters, which has only an unperfected security interest in shipper's dispatch office equipment
Yang files a petition in bankruptcy.. reduces it to money for distribution. Zhen is
a bankruptcy trustee
Under CH11, soon after entry of order for relief
a creditors' committee of unsecured creditors
Gina's creditors attempt to force her bankruptcy proceedings, unsuccessful if
a farmer
Construction Inc.. corp should file a petition in bankruptcy for relief through
a reorganization
A bankruptcy trustee is accountable for
administering the debtor's estate
A discharge most likely to be denied if debtor
all choices
Under CH7 and CH11
all choices
Compared to CH 7 and 11 plans, a CH13 plan
allows a debtor to retain possession oF assets
Baby Day Care, a sole proprietorship, wants to pay as many of its obligations as reasonably possible. proprietorship should file a petition in bankruptcy under CH13 for relief through
an adjustment
Eligible for relief on a petition in bankruptcy under CH11 is
any debtor who's eligible under CH7
Under CH7 proceeds of bankruptcy estate distributed.. remaining debt's
are discharged
In addition to financial statements, each voluntary petition in bankruptcy must include
certificate proving receipt
Under CH7, debtor who fails to appear at the creditors may be
deserved a discharge
On a finding that use of CH7, would constitute abuse, the court would
dismiss the debtor's petition
Under CH7, creditors are paid in a certain order of priority.. compromises claims for
domestic support
With respect to creditors, the goal of bankruptcy law is to
ensure equitable treatment for debtor assets
All bankruptcy proceedings are held in
federal bankruptcy court
An involuntary bankruptcy occurs when a debtor
is forced into bankruptcy
Under bankruptcy code, mean test is used to
keep higher-income people from abusing the process
Dana operates Energy Inc.. firm pays. Energy should file a petition in bankruptcy for relief through
liquidation
CH7 of the Bankruptcy Code provides for
liquidation proceedings
Once proceeds have been distributed obligations.. to be discharged
none of the above
Under CH11, the debtor's obligations most likely to be discharged are
none of the choices
Under CH13, after the completion of all payments, the court will grant a discharge of
only the debts provided for by the plan
With respect to debtors, the goal of bankruptcy law is to
provide new start without creditors claims
If a voluntary petition in bankruptcy is found to be proper, the court's entry of an order for relief
puts into place for an automatic stay
Under CH7 to be entitled to receive portion of debtor's estate... within 90 days of?
the creditor's meeting
Under CH11, a plan to conserve and administer debtor's assets must be submitted to
the creditors and court
Under and CH of bankruptcy code, failing to file necessary docs can result in
the dismissal of the petition
Bankruptcy trustee must determine whether situation warrants relief
the income of other families in the same state
Under CH13, a repayment plan must provide for
the same treatment of each claim
Primary effect of a discharge is to
void a judgement