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ipn [44]
3 years ago
5

The Bankruptcy Abuse Prevention and Consumer Protection Act allows the bankruptcy court to disallow a petition for a Chapter 7 b

ankruptcy if the individual filing for bankruptcy earns an income that is __________________to meet the standards of the means test.
Business
1 answer:
Gekata [30.6K]3 years ago
5 0

The Bankruptcy Abuse Prevention and Consumer Protection Act allows the bankruptcy court to disallow a petition for a Chapter 7 bankruptcy if the individual filing for bankruptcy earns an income that is  too high to meet the standards of the means test.

<h3><u>Explanation:</u></h3>

The main aim of The Bankruptcy Abuse Prevention and Consumer Protection Act is the prevention of abuse against the process that are involved in Bankruptcy. The process that are associated with the asset liquidation is being controlled by the Chapter 7 of Title 11 U.S bankruptcy code.

The liquidation of non exempt assets to pay creditors is carried out by a trustee. There will be a discharge of the debt that remains when there is an exhaust of proceeds. If the income of an individual is too high to meet the standards of mean test , then, according to his act  the bankruptcy court to disallows a petition for a Chapter 7 bankruptcy.

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Nick lives in San Diego and loves to eat desserts. He spends his entire weekly allowance on jello and pie. A bowl of jello is pr
OlgaM077 [116]

Answer:

Yes.

Explanation:

Market rate of exchange of jello for pie:

= Price of a piece of apple pie ÷ Price of jello

= $3.75 ÷ $1.25

= 3.00

At his current consumption point, Nick's marginal rate of substitution (MRS) of jello for pie = 3

Since MRS = Px/Py, hence, at this point of consumption bundle he is having a maximum level of utility.

Therefore, there is no need to change his consumption bundle because he is already at his maximum level.

4 0
3 years ago
If someone stole from you ... and you stole it back ... would you technically still be stealing it ? .
dsp73

Answer:

yes that would still be stealing unless you where taking back what they stole from you but if you take a random thing that wasn't yours to begin with that would be stealing

8 0
3 years ago
Read 2 more answers
Prepare the issuer’s journal entry for each of the following separate transactions.a. On March 1, Atlantic Co. issues 51,000 sha
Shalnov [3]

Answer:

March 1

Account                                             Debit               Credit

Cash                                                 $323,000

Common Stock                                                         $153,000

Paid-In Capital in Excess

of Par Value                                                              $170,000

April 1

Account                                              Debit                Credit

Cash                                                 $87,000

Common Stock-no par value                                    $87,000

April 6

Account                                             Debit                 Credit

Inventory                                          $56,000

Common Stock                                                           $56,000

Machinery                                        $170,000

Paid-In Capital in Excess of

Common Stock                                                           $170,000

Note Payable                                                              $92,000

Cash                                                 $92,000

4 0
3 years ago
what might be the outcome of raising the fees and requiring more paper work in order to start a corperation? what would happen i
Pie
The outcome of raising fees and requiring more paper work to start a corporation would be that there would be less corporations and, the opposite would happen if fees were lowered and application possesses were simpler, hope this helps
8 0
3 years ago
This problem has been solved! See the answer On January 1, Helmut pays $2,000 for a 10% capital, profits, and loss interest in a
Alinara [238K]

Answer:

Helmut's basis at year-end is $3,900.

Explanation:

Beginning Basis  = $2,000

Add: January 1 Liabilities at the rate of 10% = $20,000 × 10% = $2,000

Add: Increase in liabilities by the rate of 10% = $5,000 × 10% = $500

Less: Loss incurred at the rate of  10%  = ($6,000 × 10%) = $600

Basis at the end of the year = $2,000 + $2,000 + $500 - $600

Basis at the end of the year = $3,900.

4 0
3 years ago
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