Chapter 16
Creditor-Debtor Relations and Bankruptcy
N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows.
N A question new to this edition of the Test Bank.
+ A question modified from the previous edition of the Test Bank.
= A question included in the previous edition of the Test Bank.
true/false questions
1. With a mechanic’s lien, real estate becomes security for a debt.
answer: T PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal
2. A writ of execution applies to a debtor’s nonexempt real or personal property wherever located.
answer: F PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal
3. Only a few types of property—a debtor’s wages or bank account, for example—can be
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In putting together a repayment plan under Chapter 13, a debtor must apply the means test to identify the amount of disposable income that will be available to repay creditors.
answer: T PAGES: Section 8 TYPE: N BUSPROG: Analytic AICPA: BB-Legal
multiple choice questions
1. Portia owes Bon $500 on their roof repair contract, but refuses to pay. To collect, Bon files a mechanic’s lien. Under a mechanic’s lien, security for the debt is represented by
a. Portia’s personal property.
b. Portia’s real estate.
c. the $500 owed under the contract.
d. the contract.
ANSWER: B PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Legal
2. Refer to Fact Pattern 29-1B. If Michael imposes a lien on Jill’s car, it will end
a. in thirty days.
b. in sixty days.
c. when Michael voluntarily surrenders possession of the car.
d. when Jill obtains a court order requiring Michael to return the car.
ANSWER: C PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Legal
3. A court awards a judgment to Loan Collection Agency, who is the creditor, against Margret, who is the debtor. After the judgment, the creditor requests a court order to seize Margret’s property to ensure that the judgment will be collectible. This is
a. a judicial lien.
b. a writ of attachment.
c. a writ of execution.
d. a violation of most state laws.
ANSWER: C PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Legal
4. Ronaldo’s debt to Sofia is past due. Ronaldo
It gives the opportunity to provide structured feedback and reflection and recognise ay achievements as well as identify any performance issues.
The Social Model of disability came about through the disability movement and other organisation campaigning for equal rights, opportunities and choices for disabled people. The social model of disability recognises that any problem of disability are created by society and its institution and that The Discrimination Acts are tools to help to improve the response of society to disability, also a wheel chair user is not hampered by their disability but by lack of adequate access to buildings. The social model may impact upon our practise as we would provide inclusive environments as a starting point for all children. The Scope website stated ‘The social model of disability says that disability is caused by the way
Before going to trial, the parties meet, with their attorneys to represent them, to try to resolve their dispute without the involvement of a third party. This is
26.1)Mechanic's Lien. Ironwood Exploration, Inc. (Ironwood) owned a lease on oil and gas property located in Duchesne County, Utah. Ironwood contracted to have Lantz Drilling and Exploration Company, Inc. (Lantz), drill an oil well on the property. Therafter, Lantz rented equipment from Graco Fishing and Rental Tools, Inc. (Graco), for use in drilling the well. Graco billed Lantz for these rentals, but Lantz did not pay. Graco filed a notice of mechanic's lien on the well in the amount of $19,766. Ironwood, which had paid Lantz, refused to pay Graco. Graco sued to forclose on its
1. Describe the ways in which swing music and popular culture were interrelated during the time known as the swing era.
More than two hundred years ago, the Declaration of Independence recognized the importance of protecting creative works.
Colonel in the United States Marine Corps. Kelly has been apart of the New York
The right of a transferee of receivables to receive payment from the transferor of those receivables for any of the following: failure of debtors to pay when due, the effects of
(b) Disposition. When a defendant moves for judgment at the close of the evidence offered by the plaintiff in an action tried by the court, the court may proceed, as the trier of fact, to determine the facts and to render judgment against the plaintiff or may decline to render judgment until the close of all the evidence. When a motion for judgment is made under any other circumstance, the court shall consider all evidence and inferences in the light most favorable to the party against whom the motion is made.
It depends on the frequency in which you need to maintain email lists. If you need to verify your email lists on a regular basis, then you should purchase a monthly subscription. In case you have only one email list and would like to pay for it once, then we recommend purchasing a "Pay As You Go" package. > Only in limited cases. If your children are under 21 years old and unmarried, they’re eligible for burial. That coverage extends to 23 if they’re a full-time student. Moreover, children of veterans are eligible at any age if they’re physically or mentally disabled, rendering them incapable of self-support.
Source of payments: The petitioners claim liquidity and the ability to pay interest or principal on amount owed, but conclusive findings show the insufficiency to pay interest or principal balance. This factor supports the treatment of the advances as equity.
On Gregorian calendar month 1990, Frank W. Gagnon, aged 85, and his wife executed durable powers of attorneys naming their daughter, Joan Coombs, their attorney in truth. There was no immediate need for the power of attorney, that was strictly preventive. On February twenty-eight, 1991, following discussions together with his son, Frank, Mr. Gagnon executed a document revoking Joan's power of attorney. Joan wasn't suggested of the revocation. On December five, 1991, Mr. Gagnon signed an agreement selling a chunk of property he owned in Shelburne, N.H., for $750,000. Someday between December twelve and December twenty-six Mr. Gagnon educated Joan of the sale agreement. On December twenty-six, while not discussion together with her father, Joan
As a court judge, I would rule that the Interstate Bank of Bastrop’s judgment lien has first priority because the judgment lien was recorded prior to Red River’s mortgage lien. In general, the priority of a judgment lien is typically determined by the recording dates, which concludes which lien gets paid first. For this reason, Red River Thrift and Loan Co. and Interstate Bank of Bastrop have sensible rights to complain for priority in order to enforce Phil Dunfee’s debt. In other words, if Red River received first priority and the foreclosure sale continued, then Interstate Bank of Bastrop would never get paid. As a result, Interstate would consider this unreasonable, especially since the judgment lien was filed before Red River had filed their note and mortgage with Dunfee. In brief, Interstate Bank of Bastrop has priority over Red River because of the series in which the liens and mortgages were recorded.
Employee performance is a performance criteria standard of an employee, they must have good behaviour and mustn’t do anything bad like waste time. Employees are rated on how well they do their jobs compared with a set of standards determined by the employer.
However, a large portion of their exempts is on certain assets like domestic support, public benefits, personal effects and personal property. The findings are also the same in that the same garnishment procedure is followed. However, according to the colleagues’ findings, if a creditor wants a separate order to garnish, they have to return to court. During this time, appearing to the court to have their garnishment heard is a must (Jantscher & Shuchman,