What is the procedure associated with a Chapter 7 filing?
What will be an ideal response?
After the bankruptcy petition is filed, an automatic stay is put in place. Then a judge determines whether the petition will be dismissed through application of the means test or will be validated. Once it is validated, the creditors meet and the trustee is determined. The trustee gathers the assets of the debtor and liquidates them. The trustee then distributes the money to the creditors in order of priority. Finally, after this is completed, the debts are discharged.
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Indicate whether the statement is true or false
Included in Zollar Corporation's liability account balances at December 31 . 2014, were the following: 14 percent note payable issued October 1 . 2014, maturing September 30, 2015 ............. $250,000 16 percent note payable issued April 1 . 2013 . payable in six annual installments of $100,000 beginning April 1 . 2013 ................. 400,000 Zollar's December 31 . 2014, financial statements
were issued on March 31 . 2015 . On January 15, 2015, the entire $400,000 balance of the 1 . percent note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2015, Zollar consummated a noncancelable agreement with the lender to refinance the 1 . percent, $250,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. Both parties are financially capable of honoring the agreement, and there have been no violations of the agreement's provisions. On the December 31 . 2014, balance sheet, the amount of the notes payable that Zollar should classify as noncurrent obligations is a. $100,000. b. $250,000. c. $350,000. d. $650,000.
The North American Industry Classification System (NAICS) data can be used to:
a. identify scope for new product lines. b. determine purchase motives of customers. c. classify consumer behavior. d. identify potential new customers.
A contract that requires regular monthly payments over a set period of time for an automobile, after which the car is often returned to the owner is a:
a. purchase agreement b. U.S. Savings Bond c. bad deal d. rental agreement e. lease