Explain how the trustee must provide for each creditor depending on the creditor's status
What will be an ideal response?
The creditor's status determines how the creditor is paid for debts owed. Secured creditors enjoy an exclusive category in the bankruptcy process. Their claims are provided with greater protection than are the claims of both types of unsecured creditors. This is so because the secured creditor's loan is protected by the value attached to a specific article of property the debtor owns or possesses. The next genre of creditors is unsecured creditors. These are creditors that have loaned money to the debtor, but no security agreement is signed and no collateral is pledged by the debtor to secure the loan. Within the genre of unsecured creditors, there are two types: unsecured priority creditors and unsecured nonpriority creditors. Unsecured priority creditors are given priority over the unsecured nonpriority creditors in liquidation or reorganization bankruptcy. Priority creditors must be paid in full by the end of a Chapter 13 plan. Unsecured nonpriority creditors do not receive any priority treatment in a bankruptcy liquidation or reorganization. In fact, most general unsecured creditors receive no payment in a liquidation case. In a reorganization case, they receive some payment but are not entitled to receive payment in full as priority creditors are. All creditors listed in Schedules D, E, and F will receive a notification from the clerk of the court that the debtor has filed for bankruptcy.
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Do you think it is fair that a company will keep part of the money that you make for doing a deposition or trial? Why or why not?
What will be an ideal response?
Under the ________ test, a substantive legal task is one that an attorney would have to perform if a paralegal were not available.
Fill in the blank(s) with the appropriate word(s).
Why is there a concern for alien employees to be paid the prevailing wage of the particular job?
A. So as not to cause employers to hire aliens at cheaper rates and thereby displace U.S. workers B. So as not to exploit the fact that many aliens are willing to work for low wages C. Both A and B D. None of the above
Compliance with paralegal codes of ethics is:
a. Legally mandatory b. Not legally mandatory c. Enforceable by a state supreme court d. Enforceable by state sanctioned disciplinary proceedings