Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
MARCH 2009 BUSINESS LAW CHAPTER 35 DEBRA BARONE ANSWERS TO QUESTIONS AND CASE PROBLEMS 1. The court claimed that that transfer by a regular check takes place on the day the bank honors it. This personal check was never honored. In order for Hall-Mark to be able to keep the cashier’s check, it had to continue to ship to Lee. 2. No. The child support payments are considered a debt and are not exempt from bankruptcy. However, can the wife claim part of his personal injury annuity? 3. 4. The petition could not be filed by only one creditor. 5. Jane’s mortgage was $187,000. The trustee sold Jane’s house for $190,000. Mortgage is paid in full. Expenses of bankruptcy - $3,000 Federal income taxes - $11,000 Utility bills - $1,000 Office supply store - $1,000 Out of the $11,500 that the trustee has, the bankruptcy expenses of $3000 gets paid first. Federal income taxes come next and since $11000 was owed, the $8500 balance goes completely to that. The utility bills and the office supply store get nothing. If the amount were $14,500 then the bankruptcy expense
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2


This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online