Western Governors University D 077
D216 Business Law for Accountings (WGU)
D216 Business Law for Accountings (WGU)
Save
What is the role of a trustee under Chapter 7 Bankruptcy? To sell the nonexempt assets of the debtor and distribute the proceeds to
creditors
3 multiple choice options
A couple filed for Chapter 7 Bankruptcy. They owe The couple
$115,000 to a mortgage company on their main residence,
3 multiple choice options
$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 customer in the amount Order for garnishment
of $15,000 for unpaid debt. The customer does not have
3 multiple choice options
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 writ of execution? A court order issued post-judgment to seize the debtor's property in the debtor's
possession.
3 multiple choice options
, A company contracts to make improvements to a family Yes, they can recover payment when the family home is sold because it is entitled
home. The total price, including labor and materials, is to a mechanic's lien against the home
$150,000. The family home was on an installment payment
3 multiple choice options
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 subrogation do? Entitles the surety to the rights a creditor would have in bankruptcy
3 multiple choice options
What is a bad faith bankruptcy filing under Chapter 7? Filing for Chapter 7 Liquidation after dismissal of two or more bankruptcy petitions
during the prior year
3 multiple choice options
A debtor owes $124,000 on a home mortgage, $4,300 on Domestic-support debt
a credit card, $11,500 in medical debt, and $6,100
3 multiple choice options
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 mortgage, $2,000 on a The debtor is eligible to declare bankruptcy because the debtor is obligated to
car note, and $500 on a credit card. The debtor is having creditors.
financial difficulties and is late by 60 days in making
3 multiple choice options
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 common law? It is a body of law established by court decisions.
3 multiple choice options
A buyer enters a contract to buy a new house. The seller Equitable
breaches the agreement after the buyer made a deposit.
3 multiple choice options
The seller offers to return the deposit, but the buyer
wants to buy the house.
Which type of remedy will this buyer seek?
What happens when a state law is in conflict with a The federal law displaces state law.
federal law?
3 multiple choice options
D216 Business Law for Accountings (WGU)
D216 Business Law for Accountings (WGU)
Save
What is the role of a trustee under Chapter 7 Bankruptcy? To sell the nonexempt assets of the debtor and distribute the proceeds to
creditors
3 multiple choice options
A couple filed for Chapter 7 Bankruptcy. They owe The couple
$115,000 to a mortgage company on their main residence,
3 multiple choice options
$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 customer in the amount Order for garnishment
of $15,000 for unpaid debt. The customer does not have
3 multiple choice options
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 writ of execution? A court order issued post-judgment to seize the debtor's property in the debtor's
possession.
3 multiple choice options
, A company contracts to make improvements to a family Yes, they can recover payment when the family home is sold because it is entitled
home. The total price, including labor and materials, is to a mechanic's lien against the home
$150,000. The family home was on an installment payment
3 multiple choice options
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 subrogation do? Entitles the surety to the rights a creditor would have in bankruptcy
3 multiple choice options
What is a bad faith bankruptcy filing under Chapter 7? Filing for Chapter 7 Liquidation after dismissal of two or more bankruptcy petitions
during the prior year
3 multiple choice options
A debtor owes $124,000 on a home mortgage, $4,300 on Domestic-support debt
a credit card, $11,500 in medical debt, and $6,100
3 multiple choice options
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 mortgage, $2,000 on a The debtor is eligible to declare bankruptcy because the debtor is obligated to
car note, and $500 on a credit card. The debtor is having creditors.
financial difficulties and is late by 60 days in making
3 multiple choice options
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 common law? It is a body of law established by court decisions.
3 multiple choice options
A buyer enters a contract to buy a new house. The seller Equitable
breaches the agreement after the buyer made a deposit.
3 multiple choice options
The seller offers to return the deposit, but the buyer
wants to buy the house.
Which type of remedy will this buyer seek?
What happens when a state law is in conflict with a The federal law displaces state law.
federal law?
3 multiple choice options
