Sanjana decides to make an assignment in bankruptcy after she loses her job. Times are tough and she just wants a fresh start in life. She puts all of her goods in the hands of the trustee appointed in her case, including a '61 Thunderbird coupe that her father left her when he passed away several years before. Since then, the car has sat under a tarp in a neighbor's garage. Sanjana estimates that the trustee should be able to get at least $80 000 for such a fine vintage model. Sanjana can
A) try to auction the car herself and pay the proceeds to the trustee.
B) require the trustee to seek the estimated amount before he sells, and if he does not achieve that price, buy it back.
C) give the car to a particular creditor.
D) hold on to the car as part of her exempt property.
E) none of the above.
Correct Answer:
Verified
Q4: A discharge is
A) a formal pronouncement by
Q5: Individual consumers who become bankrupt are entitled
Q6: Chopin Inc, a music publishing company, is
Q7: Bankruptcy is a federally regulated procedure in
Q8: Edgar sells tax advice to businesses from
Q10: The concept of a stay is most
Q11: Ludmilla and Sudash carry on a catering
Q12: A debtor MUST include in a proposal
A)
Q13: Alphonse is new to Canada and decides
Q14: Tom, Lucinda, and Hye are friends of
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