Under which process might you not have to pay off all your debts in full? A) chapter 7 bankruptcy B) chapter 13 bankruptcy C) neither both chapter 7 or 13 D) both chapter 7 and 13
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- Which process leaves you with no debt when it is over? A) neither chapter 7 or 13 bankruptcy B) chapter 7 bankruptcy C) both chapter 7 and 13 bankruptcy D) chapter 13 bankruptcyIn 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.A company going through a Chapter 7 bankruptcy has the following account balances: How much will be paid to each of the following? Salaries payable Accounts payable Note payable Bonds payable
- 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.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?
- What is the difference between a Chapter 7 bankruptcy and a Chapter 11 bankruptcy?Choose the correct. What is a debtor in possession?a. The holder of a note receivable issued by an insolvent company prior to the granting of an order for relief.b. A fully secured creditor.c. The ownership of an insolvent company that continues to control the organization during a bankruptcy reorganization.d. The stockholders in a Chapter 7 bankruptcy.Choose the correct. What is an inherent limitation of the statement of financial affairs?a. Many of the amounts reported are only estimates that might prove to be inaccurate.b. The statement is applicable only to a Chapter 11 bankruptcy.c. The statement covers only a short time, whereas a bankruptcy may last much longer.d. The figures on the statement vary as to a voluntary and an involuntary bankruptcy.
- Chapter 13 bankruptcy provides for: a. adjustment of debts of persons with regular income b. reorganization of a corporation c. liquidation proceedings d. none of the aboveWhat is an inherent limitation of the statement of financial affairs?a. Many of the amounts reported are only estimates that might prove to be inaccurate.b. The statement is applicable only to a Chapter 11 bankruptcy.c. The statement covers only a short time, whereas a bankruptcy may last much longer.d. The figures on the statement vary as to a voluntary and an involuntary bankruptcy.A Chapter 7 bankruptcy is a(n) Select one: a.voluntary reorganization. b.bankruptcy forced by a company's creditors. c.bankruptcy in which all creditors receive payment in full. d.involuntary reorganization. e.liquidation.