In the case in the text,In re Burt,the court concluded that:
A) the negative equity was inadequate consideration.
B) the entire transaction qualified as a purchase money security interest because there was a close nexus between the negative equity and the financing of the debtor's new vehicle.
C) cram down was inapplicable because the vehicle was not purchased for personal use.
D) the transaction could be dissected into smaller segments and therefore,any purchase money security interest that existed did not include the negative equity.
Correct Answer:
Verified
Q80: Which Chapter of the Bankruptcy Code can
Q81: A court cannot grant a discharge of
Q82: Dave owes $100,000 to Cindy and $100,000
Q83: Which of the following can be discharged
Q84: Ajax,Inc.has accumulated debts that it is unable
Q85: Under Chapter 13,if a debtor's income is
Q86: Describe the different approaches taken to transnational
Q87: Under Chapter 13,if a debtor's income is
Q88: The Ace Corporation is involuntarily petitioned into
Q89: Joe goes into bankruptcy under Chapter 7
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