Which of the following is NOT a type if bankruptcy discussed in Chapter 10? a. Chapter...

Which of the following is NOT a type if bankruptcy discussed in Chapter 10?

	a.	Chapter 13
	b.	Chapter 11
	c.	Chapter 5
	d.	Chapter 7

Which is NOT true of secured transactions?

	a.	It describes security interests in both real and personal property.
	b.	The creditor can sell the collateral to satisfy the debt.
	c.	It can apply to three-party transactions.
	d.	It can apply to two-party transactions.

Solutions

Expert Solution

1. Answer c. If you do not have sufficient income to allow you to pay at least a portion of your debts, you file for Chapter 7 bankruptcy. If you are not seeking to get rid of all of your debt entirely, you file for Chapter 13 bankruptcy. In Chapter 11, the debtor negotiates with creditors to alter the terms of the loan without having to liquidate assets.

2. a. Secured transaction describes security interests in real property and not personal property. It can be between two parties or three parties and the creditor can sell off the collateral in case of non-payment by the debtor.

keosha answered 1 year ago

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