Distinguish voidable preferences from fraudulent transfers. Describe some of the ways the trustee makes the determination whether a transfer the debtor made was fraudulent or if the debtor is culpable for preferring one creditor over another. Use examples to illustrate your points. Why are these types of transfers voidable?
What will be an ideal response?
The student should discuss voidable preferences in the context of the debtor paying one creditor (favoring) over another and give examples. Student should discuss fraudulent conveyances in the context of suspicious transfers of property by the debtor a year or two (depending on whether actual fraud or constructive fraud is evident) prior to filing bankruptcy. Student should discuss the inequity suffered by creditors if these types of transfers are allowed. The Bankruptcy Code seeks fair treatment of creditors and debtors alike.
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A decedent's child usually has priority for appointment as personal representative over his or her spouse
a. True b. False
What is a Substantive law?
What will be an ideal response?
Factors that should be consideredbefore deciding tosettle a case include .
A. time and money B. the court’s prior decisions in similar cases C. the subsequent tactics of the other party’s attorney D. all of the above
Identify each schedule by placing the letter of the schedule next to the title of the schedule. Personal Property Creditors Holding Secured Claims Creditors Holding Unsecured Nonpriority Claims Real Property Property Claimed as Exempt Codebtors Current Income of an Individual Debtor(s) Current Expenditures of an Individual Debtor(s) Creditors Holding Unsecured Priority Claims Executory Contracts and Unexpired Leases
Fill in the blank(s) with the appropriate word(s).