Fact Pattern 13-1
Damian owns a pick-up truck and a motorcycle.He sells the motorcycle to Eden for $10,000.Eden pays for the cycle with a check, knowing that she had insufficient funds in her account to cover the amount.A week later, Damian files a petition in bankruptcy for relief through a liquidation.
-Refer to Fact Pattern 13-1.Regarding the pick-up truck, Damian
A) can exempt an interest in it up to $3,675 from the bankruptcy.
B) must include it as part of the estate because Damian sold the cycle.
C) must include it as part of the estate because Eden's check did not cover the cost of the cycle.
D) must include it as part of the estate unless the trustee recovers the price from Eden.
Correct Answer:
Verified
Q37: Dorothy files a petition for bankruptcy in
Q39: Eduardo is a debtor. Furniture Mart is
Q41: Federal Bank is a secured party on
Q41: Wild River Tours Corporation wants to formulate
Q45: Milos files a petition in bankruptcy. His
Q54: Paxton agrees to pay QuikChek Lenders a
Q64: To adjust debt and institute a repayment
Q65: Philo files a petition in bankruptcy for
Q66: Shale Oil, Inc., files a petition in
Q71: To adjust debt and institute a repayment
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents