?Describe a Chapter 11 reorganization. Who is eligible for relief under Chapter 11? What procedures are followed?
What will be an ideal response?
A Chapter 11 reorganization is the type of bankruptcy proceeding used most commonly by corporate debtors. In a reorganization, the creditors and the debtor formulate a plan under which the debtor pays a portion of his or her debts and is discharged of the remainder. The debtor is allowed to continue in business. Although this type of bankruptcy is commonly a corporate reorganization, any debtor (except a stockbroker or a commodities broker) who is eligible for Chapter 7 relief is eligible for relief under Chapter 11. Railroads are also eligible.The same principles that govern the filing of a liquidation (Chapter 7) petition apply to reorganization proceedings. The case may be brought either voluntarily or involuntarily. The same principles govern the entry of the order for relief. The automatic-stay provision is also applicable in reorganizations. An exception from the automatic stay is triggered in the event that the debtor files for bankruptcy again within two years, and new grounds for dismissal (such as substantial abuse) or conversion of the case are established.
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Contractual capacity is the
A. legal ability or competence to enter into a contractual relationship. B. legal requirement to enter into a contractual relationship. C. ?maximum monetary consideration that may be paid in a contract. D. minimum monetary consideration that may be paid in a contract.
Databases are similar to filing cabinets which use a file drawer for a specific class of information
a. True b. False Indicate whether the statement is true or false
Work product is both an evidentiary and an ethical issue
Indicate whether the statement is true or false
Kristen and Derek are engaged in a bitter custody battle in the context of their divorce. Both of them love and are committed to their one minor child, Jason, who is three years old. Kristen is a hard working corporate executive who has only taken four weeks leave during their marriage. Derek has been at home taking care of Jason and the family home. Absent abuse, the family courts in their state
grant custody to the parent who has been most involved in the daily care of the child in recent months. Custody will most likely be awarded to A) Kristen, based on the tender years presumption. B) Derek, based on the significant contacts test. C) Derek, based on the paternal preference rule. D) Derek, based on the primary caretaker presumption.