D216 Business Law for Accountings (WGU) –
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Terms in this set (87)
What is the role of a trustee under To sell the nonexempt assets of the debtor and
Chapter 7 Bankruptcy? distribute the proceeds to creditors
3 multiple choice options
A couple filed for Chapter 7 The couple
Bankruptcy. They owe $115,000 to a
3 multiple choice options
mortgage company on their main
residence, $34,000 to an auto financer
on their car, and $22,000 to a bank on
credit cards.
Who is the petitioner?
Who is a consumer-debtor? A debtor whose debts result primarily from the
purchase of goods for personal, family, or household
use
3 multiple choice options
,Judgment was entered against a Order for garnishment
customer in the amount of $15,000 for
3 multiple choice options
unpaid debt. The customer does not
have assets to pay the judgment in
full. The customer owns a house with
approximately $3,000 of equity, owns
a car worth $12,000, and has
approximately $7,000 in a bank
account.
Which type of relief would allow the
creditor to seize the money in the
customer's bank account?
What is the function of an order for A court order issued post-judgment to seize the
writ of execution? debtor's property in the debtor's possession.
3 multiple choice options
A company contracts to make Yes, they can recover payment when the family home
improvements to a family home. The is sold because it is entitled to a mechanic's lien
total price, including labor and against the home
materials, is $150,000. The family home
3 multiple choice options
was on an installment payment
agreement but did not make all
payments under the agreement. The
family paid the company a total of
$50,000. Two years later, the family
put the house on the market to be
sold.
Can the company take action to
collect the debt?
What does a surety's right of Entitles the surety to the rights a creditor would have
subrogation do? in bankruptcy
3 multiple choice options
, What is a bad faith bankruptcy filing Filing for Chapter 7 Liquidation after dismissal of two
under Chapter 7? or more bankruptcy petitions during the prior year
3 multiple choice options
A debtor owes $124,000 on a home Domestic-support debt
mortgage, $4,300 on a credit card,
3 multiple choice options
$11,500 in medical debt, and $6,100
domestic-support to the debtor's
former spouse.
Which debt is an exception to the
automatic stay?
A debtor owes $5,000 on a home The debtor is eligible to declare bankruptcy because
mortgage, $2,000 on a car note, and the debtor is obligated to creditors.
$500 on a credit card. The debtor is 3 multiple choice options
having financial difficulties and is late
by 60 days in making payments on the
debt as it becomes due.
Which bankruptcy filing is appropriate
for the debtor?
Which statement describes cyberlaw? It modifies traditional laws in relation to the online
environment.
3 multiple choice options
Which statement accurately describes It is a body of law established by court decisions.
common law? 3 multiple choice options
A buyer enters a contract to buy a Equitable
new house. The seller breaches the 3 multiple choice options
agreement after the buyer made a
deposit. The seller offers to return the
deposit, but the buyer wants to buy
the house.
Which type of remedy will this buyer
seek?
Questions With Verified Solutions
Save
Terms in this set (87)
What is the role of a trustee under To sell the nonexempt assets of the debtor and
Chapter 7 Bankruptcy? distribute the proceeds to creditors
3 multiple choice options
A couple filed for Chapter 7 The couple
Bankruptcy. They owe $115,000 to a
3 multiple choice options
mortgage company on their main
residence, $34,000 to an auto financer
on their car, and $22,000 to a bank on
credit cards.
Who is the petitioner?
Who is a consumer-debtor? A debtor whose debts result primarily from the
purchase of goods for personal, family, or household
use
3 multiple choice options
,Judgment was entered against a Order for garnishment
customer in the amount of $15,000 for
3 multiple choice options
unpaid debt. The customer does not
have assets to pay the judgment in
full. The customer owns a house with
approximately $3,000 of equity, owns
a car worth $12,000, and has
approximately $7,000 in a bank
account.
Which type of relief would allow the
creditor to seize the money in the
customer's bank account?
What is the function of an order for A court order issued post-judgment to seize the
writ of execution? debtor's property in the debtor's possession.
3 multiple choice options
A company contracts to make Yes, they can recover payment when the family home
improvements to a family home. The is sold because it is entitled to a mechanic's lien
total price, including labor and against the home
materials, is $150,000. The family home
3 multiple choice options
was on an installment payment
agreement but did not make all
payments under the agreement. The
family paid the company a total of
$50,000. Two years later, the family
put the house on the market to be
sold.
Can the company take action to
collect the debt?
What does a surety's right of Entitles the surety to the rights a creditor would have
subrogation do? in bankruptcy
3 multiple choice options
, What is a bad faith bankruptcy filing Filing for Chapter 7 Liquidation after dismissal of two
under Chapter 7? or more bankruptcy petitions during the prior year
3 multiple choice options
A debtor owes $124,000 on a home Domestic-support debt
mortgage, $4,300 on a credit card,
3 multiple choice options
$11,500 in medical debt, and $6,100
domestic-support to the debtor's
former spouse.
Which debt is an exception to the
automatic stay?
A debtor owes $5,000 on a home The debtor is eligible to declare bankruptcy because
mortgage, $2,000 on a car note, and the debtor is obligated to creditors.
$500 on a credit card. The debtor is 3 multiple choice options
having financial difficulties and is late
by 60 days in making payments on the
debt as it becomes due.
Which bankruptcy filing is appropriate
for the debtor?
Which statement describes cyberlaw? It modifies traditional laws in relation to the online
environment.
3 multiple choice options
Which statement accurately describes It is a body of law established by court decisions.
common law? 3 multiple choice options
A buyer enters a contract to buy a Equitable
new house. The seller breaches the 3 multiple choice options
agreement after the buyer made a
deposit. The seller offers to return the
deposit, but the buyer wants to buy
the house.
Which type of remedy will this buyer
seek?
