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Bizhelp
Bizhelp, Accountant
Category: Business and Finance Homework
Satisfied Customers: 5884
Experience:  BA degree and Certified Public Accountant
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1. An involuntary bankruptcy case is commenced by creditors

Resolved Question:

1. An involuntary bankruptcy case is commenced by creditors filing a petition with a bankruptcy court. (Points : 2)
True
False


2. 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.


3. A discharge will release a debtor from liability for willful and malicious injury to the property of another. (Points : 2)
True
False


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


5. Fred conceals assets from his bankruptcy proceeding with the intent to defraud his creditors. When this is discovered, the court may (Points : 2)
only deny a discharge.
only distribute Fred's assets to his creditors.
only order that Fred remain liable for the unpaid portions of the creditors' claims.
deny a discharge, distribute Fred's assets to his creditors, and order that Fred remain liable for the unpaid portions of the creditors' claims.


6. The status of a trustee in a bankruptcy proceeding is best described as the: (Points : 2)
prosecutor of the debtor.
successor to the debtor.
defender of the debtor.
protector of the debtor.


7. All student loans are dischargeable in a Chapter 7 bankruptcy. (Points : 2)
True
False


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


9. Payment of a monthly utility bill by a consumer debtor is not a preference that may be subject to attack by a trustee. (Points : 2)
True
False


10. 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.
Submitted: 4 years ago.
Category: Business and Finance Homework
Expert:  Bizhelp replied 4 years ago.
Hi,

Thanks for the questions. The answers are:

1. True
2. the debtor refused to obey a lawful order of the court.
3. False
4. False
5. deny a discharge, distribute Fred's assets to his creditors, and order that Fred remain liable for the unpaid portions of the creditors' claims.
6. successor to the debtor.
7. False
8. False
9. True
10. design, plant, utility.

Hope this helps!


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