?Describe a liquidation proceeding under Chapter 7. Who may and may not be a debtor in a liquidation proceeding? How is the proceeding commenced?
What will be an ideal response?
?Liquidation under Chapter 7 of the Bankruptcy Code is a common type of bankruptcy proceeding and is often referred to as ordinary, or straight, bankruptcy. A debtor in a liquidation bankruptcy states his or her debts and turns all assets over to a bankruptcy trustee. The trustee sells the nonexempt assets and distributes the proceeds to creditors.With certain exceptions, the remaining debts are then discharged (extinguished), and the debtor is relieved of the obligation to pay the debts.Any "person"-including individuals, partnerships, and corporations-may be a debtor in a liquidation proceeding. A husband and wife may file jointly under a single petition. Insurance companies, banks, savings and loan associations, investment companies licensed by the Small Business Administration, and credit unions cannot be debtors in a liquidation bankruptcy, however. Rather, other chapters of the Bankruptcy Code or federal or state statutes apply to them.A straight bankruptcy can be commenced by the filing of either a voluntary or an involuntary petition in bankruptcy-the document that is filed with a bankruptcy court to initiate bankruptcy proceedings. If a debtor files the petition, it is a voluntary bankruptcy. If one or more creditors file a petition to force the debtor into bankruptcy, it is an involuntary bankruptcy.
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Document _________ policies that provide for the periodic or routine destruction of stored information are not permissible
Fill in the blank(s) with correct word
Having married a son, his wife ensures that he has no further contact with his parents. The parents could sue their son's wife for:
a. loss of consortium b. seduction c. criminal conversation d. negligent infliction of emotional distress e. duress
The processof punishingsomeone for conduct that occurred before it was made illegal is known asaccessory before the fact.
Answer the following statement true (T) or false (F)
The fear that the abolition of spousal immunity would result in a flood of fraudulent cases has come to pass in those states that have abolished such immunity.
Answer the following statement true (T) or false (F)