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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2667
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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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)

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

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

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

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

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)

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)

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

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

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

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

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

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

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)

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)

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)
       independent contractor.

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

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.
       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)
       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.
       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)

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)

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

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: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.
Okay...give me a few minutes.
Customer: replied 6 years ago.
Its ok, I got someone else to help me, thank you.
Expert:  socrateaser replied 6 years ago.
Best of luck.