Selected Answer A Tru e Correct Answer A Tru e Question 15 0 out of 5 points A

Selected answer a tru e correct answer a tru e

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Selected Answer: A. Tru e Correct Answer: A. Tru
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e Question 15 0 out of 5 points A policy is an unconditional promise to pay money. Selected Answer: A. True Correct Answer: B. Fals e Question 16 5 out of 5 points A conventional fixed-rate mortgage involved no government backing by either insurance or guarantee. Selected Answer: A. Tru e Correct Answer: A. Tru e Question 17 0 out of 5 points
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Vernon owns a family run farming business. He earned $100,000 in the current financial year. He owes $70,000, which forms a part of his farm expenses, to creditors but he wants to keep the business running. Which type of bankruptcy should Vernon file for? Selected Answer: B. Chapter 11 and Chapter 7 Correct Answer: D. Chapter 12 Question 18 Needs Grading Bankruptcy: Tom has filed for a Chapter 13 bankruptcy and one of his creditors is attempting to organize the other creditors into a group to petition the bankruptcy judge to allow them to prepare a debt readjustment plan for Tom. Describe whether the bankruptcy judge will allow this action by creditors. Selected Answer: Chapter 13 must be approved by the courts to be effective not the creditors. Before it is approved the creditors are dealt with and the unsecured creditors can have objectives to the plan of the debtor once the chapter 13 is filed there are many options to deal with the debtor’s collateral. Correct Answer: No, because Chapter 13 creditors have no prior input while the plan is being created. Secured creditors have approval powers, but unsecured creditors do not.
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