Case summary:JH’s husband who was twenty years old died of cancer. She has a pending medical bill of $50,000 from her husband, a mortgage payment of $1500 and, other debts. She has been working in a library for ten years earning $1500 per month and receives $1500 in social security, and $1100 in life insurance after her husband's death. She has to clear the dues and there is hardly any money left for groceries. JH decides to file for chapter 7 bankruptcy.
To find: The time JH has to submit the required schedule after filing the application of Bankruptcy.
Want to see the full answer?
Check out a sample textbook solutionChapter 15 Solutions
MindTap Business Law, 1 term (6 months) Printed Access Card for Cross/Miller's The Legal Environment of Business: Text and Cases, 10th (MindTap Course List)
- Jeremy is considering a corporate recapitalization as a gifting technique and has come to his financial planner for more information. Which of the following statements regarding corporate recapitalization are CORRECT? The stock is recapitalized and divided into nonvoting preferred stock and voting common stock. Jeremy retains control of the corporation through the voting rights associated with his preferred stock. Recapitalization can be used in any corporation. The gift of stock given to the junior family members may qualify for valuation discounts. A) II, III, and IV B) I and III C) II and IV D) I and IIarrow_forwardJane, age 41, and Karen, age 54, are co-owners of a successful interior design business with eight employees. They have come to you wanting advice about installing a qualified retirement plan for their business. Since they are the co-owners they would like a larger share to be contributed on their behalf than is contributed for the common-law employees. They would also like the contribution into the plan for themselves to be as equal as possible. Of the plans listed, which one would be the best plan, given the scenario provided?arrow_forwardAnita, who is divorced, maintains a home in which she and her 16-year-old daughter live. Anita provides the majority of the support for her daughter and for a son, age 23, who is enrolled part-time at the university and lives in the dorm. The son also works in the campus bookstore and earns spending money of $4,500. Which of the following statements is correct regarding the number of dependents Anita can claim? OA. Anita can claim her daughter, but not her son, as a dependent. OB. Anita can claim her son, but not her daughter, as a dependent. OC. Both the son and daughter qualify as Anita's dependents. OD. Neither the daughter nor the son qualify as Anita's dependent.arrow_forward
- Marcia bought a home. She paid $475,000. Her loan amount was $380,000. Calculate her LTV ratio. 85% 92% 77% 80% harrow_forwardIn her will, Loomis provided that all of her grandchildren were to receive an equal share of her estate. Is this a per stirpes or a per capita distribution?arrow_forwardcan you tell and explain me exactly, what is the probable outcome of Caspers’s suit against Daniella?arrow_forward
- Michelle took out a $900,000, 30-year mortgage. After 30 years, Michelle paid a total of $1,330,000 to the lender. How much did Michelle pay in interest over the life of the loan? $430,000 $530,0 $490,000 $455,000arrow_forwardaren Johnson, CFO for Raucous Roasters (RR), a specialty coffee manufacturer, is rethinking her company’s working capital policy considering a recent scare she faced when RR’s corporate banker, citing a nationwide credit crunch, balked at renewing RR’s line of credit. Had the line of credit not been renewed, RR would not have been able to make payroll, potentially forcing the company out of business. Although the line of credit was ultimately renewed, the scare has forced Johnson to examine carefully each component of RR’s working capital to make sure it is needed, with the goal of determining whether the line of credit can be eliminated entirely. In addition to (possibly) freeing RR from the need for a line of credit, Johnson is well aware that reducing working capital can also add value to a company by improving its EVA (Economic Value Added). In her corporate finance course Johnson learned that EVA is calculated by taking net operating profit after taxes (NOPAT) and then subtracting…arrow_forwardDavaros Debtor is a New Jersey resident who is thinking about filing for bankruptcy. Debtor has been employed in the past by ABC Corporation where he made $75,000 a year. As ABC Corporation hit hard financial times, Debtor was laid off. Debtor is currently working, but took a cut in salary to be employed and is making $45,000 a year. When Debtor was out of work, he was injured and amassed $100,000 in medical bills as he didn't have insurance. Of this amount, around $20,000 is due to Dr. Detroit, and the remaining $80,000 is owed to General Hospital. Debtor also has $50,000 in credit card debt on his Visa card. The mortgage on the home where he currently resides is $350,000. Debtor is currently separated from his spouse, to whom he owes around $12,000 in child support. Debtor is still paying off loans from his undergraduate education to Sally Mae. While still employed at ABC, Debtor purchased a summer home at the New Jersey shore. Purchased for $200,000, he sold the home around a year…arrow_forward
- Davaros Debtor is a New Jersey resident who is thinking about filing for bankruptcy. Debtor has been employed in the past by ABC Corporation where he made $75,000 a year. As ABC Corporation hit hard financial times, Debtor was laid off. Debtor is currently working, but took a cut in salary to be employed and is making $45,000 a year. When Debtor was out of work, he was injured and amassed $100,000 in medical bills as he didn't have insurance. Of this amount, around $20,000 is due to Dr. Detroit, and the remaining $80,000 is owed to General Hospital. Debtor also has $50,000 in credit card debt on his Visa card. The mortgage on the home where he currently resides is $350,000. Debtor is currently separated from his spouse, to whom he owes around $12,000 in child support. Debtor is still paying off loans from his undergraduate education to Sally Mae. While still employed at ABC, Debtor purchased a summer home at the New Jersey shore. Purchased for $200,000, he sold the home around a year…arrow_forwardAre Martha’s unreimbursed medical expenses deductible on the Neals’ tax return? Why or why not?arrow_forwardMartina and Andrew are friends. They both have a keen interest in technology. They decide to form a business to pursue various technology projects, and decide that a company will be the best business structure to adopt. They establish Apricot Pty Ltd. Martina and Andrew are its only shareholders, and they are also its only directors. Martina takes a much more active role in managing the company than Andrew. Andrew relies heavily upon Martine to provide him with information about the company, particularly in relation to its finances, and its dealings with other companies. Andrew does not himself investigate the finances or transactions of Apricot Pty Ltd, other than by relying on Martina to provide him with this information. In June 2017, Martina arranges for Apricot Pty Ltd to purchase a very large quantity of electronics components. The components are acquired from ErinElectronics Pty Ltd, a company that Martina has a significant shareholding in. The transaction generates significant…arrow_forward
- BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage LearningEssentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage LearningAccounting Information Systems (14th Edition)BusinessISBN:9780134474021Author:Marshall B. Romney, Paul J. SteinbartPublisher:PEARSON
- International Business: Competing in the Global M...BusinessISBN:9781259929441Author:Charles W. L. Hill Dr, G. Tomas M. HultPublisher:McGraw-Hill Education