The length of the payment plan under a Chapter 13 plan can be three to five years, depending on the debtor’s family income.

A security interest is enforceable only if the debtor has title to the collateral.

Any breach of the terms of the security agreement can constitute default.

The filing of a petition for bankruptcy will automatically stay most legal actions against the debtor.

No state allows a defaulting debtor to redeem the property before a foreclosure sale.

Proceeds are whatever is received when collateral is sold.

A creditor’s composition agreement is usually held to be enforceable.

In a dispute over a sale involving a bicycle, Dain argues that as to this deal Ed’s Hobby Shop, where Dain bought the bike, is a merchant. A court may determine whether Ed’s is a merchant by assessing whether

The UCC requires that the mirror image rule be followed for all acceptances.

Personal property that is most often exempt from satisfaction of judgment debts does not include equipment that the debtor uses in a business or trade.