Exam 13: Creditor-Debtor Relations and Bankruptcy

Brewery Company's debt to Credit Service is past due.Credit obtains a judgment against Brewery,but the firm refuses to pay.Credit asks the court to order the seizure of Brewery's property.This is a request for

Under Chapter 13,after the completion of all payments under the plan,the court will grant a discharge of

In a Chapter 13 proceeding,the debtor retains possession of his or her assets.

The basic duty of a bankruptcy trustee in a Chapter 7 proceeding requires that the trustee be accountable for administering the debtor's estate.

Under Chapter 13,a repayment plan must provide for

In a Chapter 11 proceeding,the role of a debtor in possession is similar to that of a trustee in a Chapter 7 proceeding.

Under Chapter 7,creditors are paid in a certain order of priority.The highest-priority class comprises claims for

The borrower need not obtain the lender's permission for a short sale because the sale is for less than the balance owed on a mortgage loan.

In a Chapter 11 proceeding,a debtor corporation and its creditors agree on a plan under which the corporation pays a portion of its debt.

In a Chapter 7 proceeding,the primary effect of a discharge is to void any judgment on a discharged debt and to prohibit any action to collect it.

To purchase a house,Ethel obtains a mortgage loan from Fidelity Bank.Later,Ethel is unable to make payments on the loan.Meanwhile,the market value of the house has declined.Fidelity agrees to a sale of the property for less than the amount due on the loan.This is

Under Chapter 7,the primary effect of a discharge is to