(a)
Case summary: Person S filed a petition for chapter 13 bankruptcy. Person S’ creditor F sent payments of
To find: Whether the debt is dischargeable.
(b)
Case summary: Person S filed a petition for chapter 13 bankruptcy. Person S’ creditor F sent payments of
To find: Justification for imposition of sanction on BRM for violating discharge order.
Want to see the full answer?
Check out a sample textbook solution- a debtor fails to appear at the Chapter 7 creditors' meeting, the court may refuse to grant the bankruptcy. True Falsearrow_forwardJanice's Juices, LLC is a single-member LLC that was created and began business on January 1, 2022. Due to an oversight, no S election (or other entity classification election) was made by the regular deadline to make an election for 2022. Assuming the business otherwise qualifies to request late S corporation election relief, it must file Form 2553 by which date?arrow_forwardJohn Bunker has assets of $130,000 and liabilities of $185,000 owed to nine creditors. Nonetheless, his cash flow is positive, and he is making payment on all of his obligations as they become due. I. M. Flintheart, who is owed $22,000 by Bunker, files an involuntary petition in bankruptcy under Chapter 7 against Bunker. Bunker contests the petition. What result? Explain.arrow_forward
- Relevant Costs and Quality Improvement; Chapter 12 Each year, Worrix Corporation manufactures and sells 3,000 premium-quality multimedia projectors at $12,000 per unit. At the currentproduction level, the firm’s manufacturing costs include variable costs of $2,500 per unit and annualfixed costs of $6,000,000. Selling, administrative, and other expenses (not including 15% sales commissions) are $10,000,000 per year.[LO 17-1, 17-2, 17-6][LO 17-2, 17-5, 17-6][LO 17-1, 17-217-5, 17-6]Final PDF to printerblo17029_ch17_713-774.indd 767 02/19/18 09:10 AMChapter 17 The Management and Control of Quality 767The new model, introduced a year ago, has experienced a flickering problem. On average, thefirm reworks 40% of the completed units and still has to repair under warranty 15% of the unitsshipped. The additional work required for rework and repair caused the firm to add additional capacity with annual fixed costs of $1,800,000. The variable costs per unit are $2,000 for rework and$2,500,…arrow_forwardPls help ASAParrow_forwardtrue or false 1. Captive insurer may be used to insure loss exposures that the parent firm finds it difficult to insure with private insurers. 2. Ali incorporated his business so that he has unlimited liability to shield him against personal liability claim by the creditors 3. For the safety of the residents of the apartment, a barrier is installed at the entrance of the apartment. Only the vehicles belong to the residents are allowed to pass through. This physical barrier system is a risk management technique called loss prevention 4. Applying first-aids to an injured worker while waiting for an ambulance to send him to hospital is a risk management technique called salvage.arrow_forward
- Chapter 24, Question 1d - The Bankruptcy Reform Act of 1978 was enacted to slow down and streamline bankruptcy proceedings. O True Falsearrow_forwardWhat would be the priority of the claims as to the distribution of assets in a liquidation under Chapter 7 of the Bankruptcy Act? 1 is the highest claim, 5 is the lowest. (1) Trustees' costs to administer and operate the firm. (2) Common stockholders. (3) General, or unsecured, creditors. (4) Secured creditors, who have a claim to the proceeds from the sale of specific property pledged to secure a loan. (5) Taxes due to federal and state governments. Oa. 4, 1, 5, 3, 2 Ob. 1, 5, 4, 3, 2 Oc. 1, 4, 3, 5, 2 Od. 5, 1, 4, 2, 3 Oe. 5, 4, 1, 3, 2arrow_forwardDescribe one the conditions that must be satisfied before a derivative suit can be instituted. A. The company is under the control of the majority shareholders/directors. B. A wrong must not have been done to the company by the majority shareholders. C. Any damages awarded will not go to the company but to plaintiff shareholder. D. An individual shareholder or minority decides to sue the wrongdoers for or on behalf of company.arrow_forward
- 1. Corporations and their unique characteristics True or False: If a corporation is unable to repay its debts, the creditors to whom the debt is owed may sue an individual stockholder for more than he or she invested in the corporation. O True O Falsearrow_forwardPLS HELP ASAParrow_forwardWhich of the following premortem actions can increase the liquidity of a decedent's estate? Making certain that a client's will is executed with all of the required legal formalities Stating reasons in a client's will why a close family member is not receiving any part of the client's estate Urging a client to keep written current records of payments made by the client on debts owed to third parties Urging a client to require written security for a promissory note given to the client for assets purchased from the client A) I, II, and IV B) I and II C) I, II, III, and IV D) III and IVarrow_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