Exam 30: Bankruptcy

Under Chapter 13,if a debtor's income is less than the median income of the state,the plan may not provide for payments over a period that is longer than ________ year(s)unless the court,for cause,approves a longer period,which in no case can be more than five years.

Chapter 13 bankruptcy petitions may be either voluntary or involuntary.

Ajax,Inc.has accumulated debts that it is unable to pay.The company has four creditors who hold security provided by Ajax and are valued as follows: Ace ($6,000),Crest ($3,000),Maxton ($8,000)and Interon ($9,000).Which of these creditors will be able to successfully file a petition for involuntary bankruptcy for Ajax?

Describe the different approaches taken to transnational insolvencies.What is the approach taken currently?

A plan is considered to be fair and equitable to a class of impaired claimants with unsecured claims if the reorganization plan:

Fanny and her husband Fred own a farm in Iowa.Unfortunately,after earning a $50,000 income on the farming operation and $10,000 in non-related endeavors in 2002,Fanny and Fred accumulated $100,000 in farm-related debt.Their only other debt is a $10,000 loan on a truck they purchased in 2001.Fanny and Fred want to file for a Chapter 12 plan.Which of the following statements is most accurate?

In the case in the text,In re Siegenberg,the court dismissed the Chapter 7 petition because:

Joe goes into bankruptcy under Chapter 7 and,in due course,all of his debts are discharged.After the discharge is granted,Joe signs an agreement promising to repay one of those discharged debts.Joe's attorney certifies that Joe is able to pay the debt.Is Joe bound to pay this debt?

As per the 2005 amendments,the trustee of a bankruptcy estate has the authority to sell personally identifiable information to persons not affiliated to the debtor.

A bankruptcy petition under Chapter 7: