Jordan believes that she needs to obtain a discharge in bankruptcy through an individual's repayment plan. This proceeding can be initiated by a filing of a petition by Select one: a. a corporation. b. a debtor. O c. O d. a trustee. a partnership.
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- FrF Fresh-start accounting must be adopted by certain debtors emerging from chapter 11 bankruptcy. When is fresh start accounting required? What are some of the characteristics of fresh-start accounting?Some debtors who file for bankruptcy may prefer liquidation under Chapter 7 but, due to the means test, may be required to file under _________ of the Bankruptcy Code, which provides for "Adjustment of Debts of an Individual with Regular Income". a. Chapter 9 b. Chapter 11 c. Chapter 12 d. Chapter 13A bankruptcy case can begin with either a voluntary or an involuntary petition. What is the difference? What are the requirements for an involuntary petition?
- Straight liquidation includes all of the following, except: Multiple Choice A petition is filed in court. Trustee-in-bankruptcy is elected. Borrowing funds to keep the business operating. Payments are made for bankruptcy administrative costs. Creditors are paid.Before a person's discharge from bankruptcy, are their any legal restrictions on such a person's ability to obtain credit?An attempt by a debtor to solve a financial problem through a consensual agreement with creditors outside of a court proceeding is a(n) Multiple Choice Insolvency hearing Mediation Equity infusion Workout An individual or group of individual professionals who assist management in the workout process is called Multiple Choice Turnaround advisor Bankruptcy advisor Workout judge Credit counselor If a person dies without a will, what happens to his/her property? Multiple Choice The property escheats to the state where the decedent was domiciled The property passes according to the wishes of the decedent’s spouse or next of kin The property passes in accordance to the intestate statute of the decedent’s state of domicile The property passes to the decedent’s children or next of kin
- Choose the correct. In a bankruptcy, which of the following statements is true?a. An order for relief results only from a voluntary petition.b. Creditors entering an involuntary petition must have debts totaling at least $21,625.c. Secured notes payable are considered liabilities with priority on a statement of affairs.d. A liquidation is referred to as a Chapter 7 bankruptcy, and a reorganization is referred to as a Chapter 11 bankruptcy.In bankruptcy, which of the following lose (choose all that apply)? The community Clients/suppliers OCustomers Employees O CreditorsIf a party files a Chapter 7 bankruptcy , the trustee may use all of the parties IRA or SEP to satisfy debts. True or false
- Choose the correct. An involuntary bankruptcy petition must be filed bya. The insolvent company’s attorney.b. The holders of the insolvent company’s debenture bonds.c. Unsecured creditors with total debts of at least $15,775.d. The company’s management.Define the following terms: bankruptcy law, Chapter 11, Chapter 7,trustee, voluntary bankruptcy, and involuntary bankruptcyPlease list the two chapters of the bankruptcy law in which a Trustee is appointed. Then list at least two of the roles and functions of the trustee in each chapter.