Bill has loaned Mark $500, which Mark agreed to repay on January 15, 2010.If Mark files a voluntary petition of bankruptcy on August 1, 2009, Bill has a claim as a creditor.

Question

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Bill has a claim as a creditor since he loaned money to Mark before Mark filed for bankruptcy. The bankruptcy proceedings would determine how much Bill will receive back from the loan.

Bill Has Loaned Mark $500, Which Mark Agreed to Repay