Dwight Schrute filed a petition under Chapter 7 of the Bankr…
Dwight Schrute filed a petition under Chapter 7 of the Bankruptcy Code. Three years ago, Dwight Schrute fraudulently conveyed a beet farm, Schrute Farms, to his mom. He made no attempt, however, to conceal the transfer, believing correctly that his creditors were too unsophisticated to attack the transfer. Under the relevant state fraudulent conveyance law, only those creditors who held claims against Dwight Schrute at the time of the transfer can avoid it as fraudulent. A five-year statute of limitations applies to such actions. Two years ago, Dwight Schrute’s fortunes improved briefly and he paid off all of his old creditors except Crazy Cat Lady Angela, who still holds a $3,000 unsecured claim against Dwight Schrute for infliction of mental distress on her cats. Since then, Dwight Schrute’s financial situation has deteriorated, and he now owes a total of $100,000 in unsecured debt (including Crazy Cat Lady’s claim). Assume that Schrute Farms is worth $50,000. If the Chapter 7 trustee attacks the transfer of Schrute Farms to mom, which of the following statements is the most accurate?
Read Details(4 pts) Fate of an RBC. Fill-in-the-blank on the line next t…
(4 pts) Fate of an RBC. Fill-in-the-blank on the line next to the number, not on the diagram itself. You should include the steps in the macrophage, the liver, urine, and the small intestine. To answer this question type in a list with your answers. Example: 1. your first answer 2. your second answer 3. your third answer etc.
Read DetailsBulldozer Bank has a valid and perfected lien on a truck bel…
Bulldozer Bank has a valid and perfected lien on a truck belonging to the debtor. The debtor wishes to retain the truck and cram down the secured claim in his/her Chapter 13 plan. If the court wishes to determine the value of the truck for cram down purposes, which of the following statements is the most accurate?
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