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Brrunno [24]
3 years ago
14

1. Bankruptcy law is primarily state law. a. True b. False 2. The government is given the power to establish bankruptcy laws in

Article I, Section 8 of the . The purpose of bankruptcy law is to protect the by giving him or her a fresh start and to ensure treatment of the . Fill in the blanks with words that would best complete the passage. equitable federal debtor perfect state assets state constitutions creditors U.S. Constitution 3. Bankruptcy proceedings are held in . 4. Title of the United States Code contains the Bankruptcy Code. 5. The Bankruptcy Code has several chapters. Chapter provides for liquidation proceedings, Chapter governs reorganizations, and Chapter provides for an adjustment of debts for individuals with regular income. 6. In order to obtain bankruptcy relief a debtor must be insolvent, or unable to pay his debts. a. True b. False 7. Consumer-debtors are those whose debts result from the purchase of goods for use. The Bankruptcy Code that court clerks provide additional to consumer-debtors when they file for bankruptcy.
Business
1 answer:
exis [7]3 years ago
8 0

Answer:

1. Bankruptcy law is primarily state law.   b. False

2. The <u>  </u><u>federal </u> government is given the power to establish bankruptcy laws in Article I, Section 8 of the <u> U.S constitution</u>. The purpose of bankruptcy law is to protect the <u> debtor </u> by giving him or her a fresh start and to ensure <u>equitable</u> treatment of the <u> </u><u>creditors</u>.

Fill in the blanks with words that would best complete the passage.

equitable federal debtor perfect state assets state constitutions creditors U.S. Constitution

3. Bankruptcy proceedings are held in <u> federal bankrupcy courts</u>.

4. Title <u> 11 </u>of the United States Code contains the Bankruptcy Code.

5. The Bankruptcy Code has several chapters. Chapter <u> 7  </u>provides for liquidation proceedings, Chapter <u> 11  </u>governs reorganizations, and Chapter    <u>13</u> provides for an adjustment of debts for individuals with regular income.

6. In order to obtain bankruptcy relief a debtor must be insolvent, or unable to pay his debts. b. False

7. Consumer-debtors are those whose debts result from the purchase of goods for <u> personal</u> use. The Bankruptcy Code<u> </u><u>requires</u>  that court clerks provide additional<u> information </u>to consumer-debtors when they file for bankruptcy.

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Rachel entered into a contract to purchase a 2004 Dodge from Hanna, who lived in the neighboring apartment. When a dispute arose
Genrish500 [490]

Answer:

Hanna is correct.

Explanation:

The sale of the 2004 Dodge cannot be construed to be a sale of goods under the Uniform Commercial Code since this law covers sales of goods by merchants.  Hanna cannot be said to be a merchant of 2004 Dodge as she is not known to be in the business for the purchase and sale of cars.  Therefore, the case should be adjudicated under the common law.  What has taken place in this instance is the exchange of a personal asset.  Hanna cannot make a trading profit from the sale, but a capital gain.  Rachel is not correct.

8 0
2 years ago
how many years will be required for a given sum of money to triple, if it is deposited in a bank account that pays 6% per year c
IgorLugansk [536]

Answer:

19 years

Explanation:

the 19th year your money will triple and be worth 3.0256 times the original sum.

7 0
3 years ago
A worker wants to set aside some money for retirement, hoping to live off the interest income. If the interest rate is 10% and t
Shkiper50 [21]

Answer:

d) 500,000

Explanation:

The amount that the worker is expected to save before retirement is the present value of the expected annual withdrawal using the interest rate of 10% as the discount rate:

savings balance at retirement=yearly cash withdrawal/interest rate

yearly cash withdrawal=$50,000

interest rate=10%

savings balance at retirement=$50,000/10%

savings balance at retirement$500,000  

5 0
2 years ago
Net sales revenue is $720,000. Beginning and ending net accounts receivable are $62,000 and $58,000, respectively. Calculate the
neonofarm [45]

Based on the sales revenue and the net accounts receivable, the receivables turnover ratio is 12 times .

<h3>What is the receivables turnover ratio?</h3>

This can be found as:

= Net sales revenue / Average accounts receivable

Solving give:

= 720,000 / (62,000 + 58,000) / 2

= 720,000 / 60,000

= 12 times

Find out more on receivables turnover ratio at brainly.com/question/27523896.

#SPJ1

5 0
1 year ago
Mace Auto Parts Company sells to retail auto supply stores on credit terms of "net 60". Annual credit sales are $300 million (sp
Artist 52 [7]

Answer:

Mace's average collection period is 88 days

Explanation:

Credit terms is "Net 60" which means the customer will naturally pay within 60 days. Further it is given that account average 28 days overdue. This means it takes 28 more days to collect the amount of receivables. Therefore the average collection period comes to

60 + 28 = 88 days.

8 0
2 years ago
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