Question

13. Roy, the owner of Standard Business Company (SBC), sells SBC to Tim for a note payable to Roy for $100,000. Tim does not pay the note and files for bankruptcy under Chapter 7. The debt represented by the note is b. dischargeable if $100,000 now seems to be a high price for SBC. d. dischargeable under any circumstances. a. not dischargeable if Tim concealed assets to defraud Roy. c. not dischargeable under any circumstances.

Answer 1

Answer:not dischargeable if Tim concealed asset to defraud Roy

Explanation:

A bankruptcy is a legal means for a debtor used by the court to relieve him of his debts obligations when he his unable to fulfill it's debt obligations payment.

However finding out that the value of a contract initial agreed was overpriced will not make the debt dischargeable nor dischargeable in any circumstances unless it's proven that the debtors is unable to pay his debt.

The debt will equally not be dischargeable if it's found that the debtors has concealed items to defraud the creditor and it's equally dischargeable in some circumstances particularly when the debtors is unable to pay.