Please 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.
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Please 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.
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- Bankruptcy cases are heard by: a. either federal or state courts. b. the U.S. Bankruptcy Courts within the federal court system. c. the U.S. Court of Appeals for the Federal Circuit, if an appeal is made. d. only special courts within the state court system.If a party files a Chapter 7 bankruptcy , the trustee may use all of the parties IRA or SEP to satisfy debts. True or falseChoose the correct. Which of the following is the minimum limitation necessary for filing an involuntary bankruptcy petition in connection with a company that has 57 unsecured creditors?a. The signature of 12 creditors to whom the debtor owes at least $14,775 in unsecured debt.b. The signature of six creditors to whom the debtor owes at least $18,250 in unsecured debt. c. The signature of three creditors to whom the debtor owes at least $15,775 in unsecured debt.d. The signature of nine creditors to whom the debtor owes at least $23,225 in unsecured debt.
- To be eligible for Chapter 7 bankruptcy, the debtor must satisfy the _______ that compares income to debt a. credit test b. bankruptcy test c. means test d. income testChoose 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.If a municipality files for bankruptcy, how does this happen, and what is the sequence of events that would lead up to this?
- Which of the following are CORRECT regarding the execution requirements for witnesses of a valid last will and testament? State law controls whether witnesses are necessary, and if so, how many A purpose of witness signatures is to attest to the testator's testamentary capacity. A purpose of witness signatures is to attest to the testator's signature. The witnesses must be the fiduciaries appointed in the last will and testament. A) II and III B) I, II, III, and IV C) I, II, and III D) I and IVIn 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.Choose the correct. Which of the following is not an expected function of a bankruptcy trustee?a. Filing a plan of reorganization.b. Recovering all property belonging to a company.c. Liquidating noncash assets.d. Distributing assets to the proper claimants.
