How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask FiveStarLaw Your Own Question

FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 3311
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
FiveStarLaw is online now
A new question is answered every 9 seconds

I need help in a assignment in business law based on bankruptcy,

Customer Question

I need help in a assignment in business law based on bankruptcy, agency, and intellectual property.
In a liquidation proceeding, the debtor's nonexempt assets are collected by the trustee representing the creditors. (Points : 2)
       True
       False

    
2. A creditor may file a voluntary petition with the bankruptcy court to force a debtor into bankruptcy. (Points : 2)
       True
       False

    
3. The trustee in bankruptcy is selected by the debtor. (Points : 2)
       True
       False

    
4. If a trustee is not elected by creditors, an interim trustee will be appointed by the court. (Points : 2)
       True
       False

    
5. The filing of a voluntary, but not an involuntary, petition operates as an automatic stay. (Points : 2)
       True
       False

    
6. If the debtor is not paying debts as they become due, the debtor may be vulnerable to having an involuntary petition in bankruptcy filed against it. (Points : 2)
       True
       False

    
7. In general, the claims of all of the creditors of an estate must be satisfied before any remaining amounts can be given to the debtor. (Points : 2)
       True
       False

    
8. Individuals and corporations, but not partnerships, may be reorganized under the Bankruptcy Reform Act. (Points : 2)
       True
       False

    
9. Creditors who hold security for the full amount of a debt will be affected by a debtor's bankruptcy. (Points : 2)
       True
       False

    
10. Distribution of the debtor's assets must be made according to an order of priority. (Points : 2)
       True
       False

    
11. A trustee's authority to avoid enables it to set aside a sale or other transfer of the debtor's property. (Points : 2)
       True
       False

    
12. In a bankruptcy case, after all creditors have been paid, any balance is turned over to the debtor. (Points : 2)
       True
       False

    
13. The issuing by a bankruptcy court of an order of relief relieves the debtor of immediate collection activities by creditors. (Points : 2)
       True
       False

    
14. The trustee may set aside transfers of debtor's property made within one year of the filing of the petition if the transfer was made to defraud creditors. (Points : 2)
       True
       False

    
15. A debtor is presumed to be insolvent on and during what number of days immediately preceding the date of the filing of a bankruptcy petition? (Points : 2)
       30
       60
       90
       120

    
16. A party working for and under the control of another and authorized to enter into contracts for that other person or entity is called an (Points : 2)
       employee.
       agent.
       independent contractor.
       attorney.

    
17. A discharge in bankruptcy will prevent a debtor from ever obtaining another discharge in bankruptcy. (Points : 2)
       True
       False

    
18. Three types of patents available under U.S. law are (Points : 2)
       utility, product, design.
       design, packaging, invention.
       design, plant, utility.
       utility, regulatory, common law.

    
19. Proceedings under Chapter 7 are: (Points : 2)
       liquidation proceedings.
       reorganization.
       extended time-payment plans.
       always involuntary in nature.

    
20. The debtor will be denied a discharge if: (Points : 2)
       the debtor had been extravagant.
       the debtor incurred the debts because of negligence.
       the debtor had received a discharge ten years before.
       the debtor refused to obey a lawful order of the court.

    
21. An agent acting under a power of attorney is referred to as an (Points : 2)
       impostor.
       attorney-in-fact.
       broker.
       authority with interest.


    
22. An agent is under a duty to obey (Points : 2)
       any instruction given by the principal.
       all lawful instructions given by the principal.
       all instructions given by the principal.
       only those lawful instructions which will reasonably benefit the agency.

    
23. A voluntary petition in Chapter 7 bankruptcy may be filed by a(n): (Points : 2)
       husband and wife.
       railroad.
       insurance company.
       all of the above.

    
24. John's son was not his agent but contracted to purchase a computer in the name of John. When John learned of this, John sternly rebuked his son but continued to use the computer for several weeks. After losing interest in the computer, John offered to return it, saying that the purchase was unauthorized. In this example, John (Points : 2)
       is not liable on the purchase.
       expressly ratified the purchase.
       is liable because all children have the apparent authority to contract for their parents.
       ratified the purchase by his conduct.

    
25. A corporate debtor must be "out of business" before it can file a bankruptcy petition for reorganization under Chapter 11. (Points : 2)
       True
       False

    
26. Jean goes through an involuntary bankruptcy proceeding. An involuntary bankruptcy occurs when (Points : 2)
       a court grants a petition in bankruptcy that automatically stays all litigation by creditors against a debtor.
       a debtor is unable to pay his or her debts as they come due.
       a debtor's creditors force the debtor into bankruptcy proceedings.
       a debtor's debts exceed the fair market value of his or her assets.

    
27. When the principal's words or conduct leads a third person to reasonably believe that a party is authorized to act as his or her agent but this is not true, and the third person relies on that appearance, this creates a case of (Points : 2)
       express authority.
       apparent authority.
       customary authority.
       incidental authority.

    
28. A discharge does not release a person from a consumer debt to a single creditor aggregating more than $500 for luxury goods or services if they have been incurred within how many days of the order for relief? (Points : 2)
       10
       20
       60
       90

    
29. When a business debtor files for Chapter 11 protection, the debtor is allowed to continue in business. (Points : 2)
       True
       False

    
30. In rehabilitation plans, a debtor: (Points : 2)
       keeps all the assets (exempt and nonexempt).
       remains in business.
       makes a settlement that is acceptable to the majority of the creditors.
       all of the above.

    
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 3 years ago.
Okay...give me a few minutes.
Customer: replied 3 years ago.
Its ok, I got someone else to help me, thank you.
Expert:  socrateaser replied 3 years ago.
Best of luck.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions