Q: Bradley goes into bankruptcy under Chapter 7 owing $25,000
Bradley goes into bankruptcy under Chapter 7 owing $25,000 as wages to his four employees. There is enough in his estate to pay all costs of administration and enough to pay his employees, but nothing...
See AnswerQ: Jessica sold goods to Stacy for $2,500 and retained
Jessica sold goods to Stacy for $2,500 and retained a security interest in them. Two months later, Stacy filed a voluntary petition in bankruptcy under Chapter 7. At this time, Stacy still owed Jessic...
See AnswerQ: A debtor went through bankruptcy under Chapter 7 and received his discharge
A debtor went through bankruptcy under Chapter 7 and received his discharge. Explain which of the following debts were completely discharged and which will remain as future debts against him. a. A cla...
See AnswerQ: Rosinoff and his wife, who were business partners, entered bankruptcy
Rosinoff and his wife, who were business partners, entered bankruptcy. A creditor, Baldwin, objected to their discharge in bankruptcy on the grounds that a. the partners had obtained credit from Baldw...
See AnswerQ: Ross Corporation is a debtor in a reorganization proceeding under Chapter 11
Ross Corporation is a debtor in a reorganization proceeding under Chapter 11 of the Bankruptcy Code. By fair and proper valuation, its assets are worth $100,000. The indebtedness of the corporation is...
See AnswerQ: Alex is a wage earner with a regular income. He has
Alex is a wage earner with a regular income. He has unsecured debts of $42,000 and secured debts owing to Betty, Connie, David, and Eunice totaling $120,000. Eunice’s debt is secured only by a mortgag...
See AnswerQ: John Bunker has assets of $130,000 and liabilities of
John Bunker has assets of $130,000 and liabilities of $185,000 owed to nine creditors. Nonetheless, his cash flow is positive, and he is making payment on all of his obligations as they become due. I....
See AnswerQ: Karen has filed a voluntary petition for a Chapter 7 proceeding.
Karen has filed a voluntary petition for a Chapter 7 proceeding. The total value of her estate is $35,000. Ben, who is owed $18,000, has a security interest in property valued at $12,000. Lauren has a...
See AnswerQ: A conceived a secret process for the continuous freeze- drying of
A conceived a secret process for the continuous freeze- drying of foodstuffs and related products and constructed a small pilot plant that practiced the process. A, however, lacked the financing neces...
See AnswerQ: On May 5, Stewart Richardson (Seller) and Jasdip Properties
On May 5, Stewart Richardson (Seller) and Jasdip Properties SC, LLC (Buyer) entered into an agreement for the purchase of certain property in Georgetown, South Carolina, for $537,000. Buyer paid an in...
See Answer