What are the three main purposes of the federal Bankruptcy Code? ...

[cagreen833]

What are the three main purposes of the federal Bankruptcy Code? How are these purposes supported and fostered in the Code?

Question 2

What was the holding in El Al Israel Airlines v. Tseng?
 A) The Warsaw Convention does not apply where the carrier waives its provisions.
 B) The defendant accepted an additional rate to ship the package based on its declared additional value.
 C) The Warsaw Convention limits the defendant's liability to 9.07 per pound.
 D) An international passenger may not bring a cause of action under local law against an airline when there is no bodily injury that satisfies the Warsaw Convention.

[Fayaz00962]

Answer to Question 1

The primary goals of the Bankruptcy Code are: (1 ) To preserve as much of the debtor's property as possible. The Code requires debtors to disclose all of their assets and prohibits them from transferring assets immediately before a bankruptcy filing. (2 ) To divide the debtor's assets fairly between the debtor and creditors. The Code attempts to balance the creditor's desire to be paid with the debtor's right to get on in life with a fresh start. (3 ) To divide the debtor's assets fairly among creditors. Creditors will all be treated fairly, according to established rules.

Answer to Question 2

D