Paul files a petition in bankruptcy.He turns his assets over to O'Brien,who sells them and then distributes the proceeds to Paul's creditors.O'Brien is

Question

Quizplus · Accepted Answer

O'Brien is a person appointed by the bankruptcy court to act as a trustee, whose responsibility is to manage and sell the debtor's assets and distribute the proceeds to creditors. Thus, option C is the correct answer. Option A is incorrect because preferred creditors are those who have a higher priority in receiving payment compared to other creditors. Option B is incorrect because the bankruptcy court judge is responsible for overseeing the bankruptcy case, but they do not manage the assets. Option D is incorrect because a debtor is a person who owes money to creditors and has filed for bankruptcy, not the person managing the debtor's assets.

Paul Files a Petition in Bankruptcy