What is the purpose of a 341 Meeting of the Creditors? When does this meeting occur? Describe what happens at this first meeting
What will be an ideal response?
Student should discuss this meeting as a time when creditors may be heard regarding the debtor's petition, schedules, and statements. It is also a time for the debtor to respond to any inquiries or objections raised by the creditors. Student should cite most or all of the questions that the trustee may ask the debtor at the 341 hearing.
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?Unconscionability consists of an absence of meaningful choice coupled with a party taking advantage of this absence to impose unreasonably favorable terms.
A. ?A gross inequality of bargaining power may constitute absence of meaningful choice. B. ?A gross inequality of bargaining power, standing alone, will not constitute an absence of meaningful choice. C. ?A gross inequality of bargaining power must be coupled with a lack of knowledge as to the terms for it to constitute absence of meaningful choice. D. ?Unconscionability precludes an offer from being accepted.
In divorce proceedings, the purposes of a preliminary hearing, in jurisdictions that permit them, would include all of the following except:
A. Enter temporary orders for custody and support. B. Make referrals for a custody study and evaluation. C. Order parties to attend a settlement conference. D. Hammer out the final property division.
This is a report of all of the transactions made by the personal representative during the administration of the estate and that have occurred since the decedent’s death:
a. Inventory b. Accountings c. Abatement d. Testamentary letters
Joint and several liability means a plaintiff may sue all of the responsible parties together, or any one or more of them, separately
Indicate whether the statement is true or false