Author Question: In the relatively rare event that the bankruptcy trustee in a Chapter 7 case liquidates any ... (Read 74 times)

KimWrice · **on:** Aug 2, 2018

In the relatively rare event that the bankruptcy trustee in a Chapter 7 case liquidates any nonexempt assets the debtor might have, the priority creditors must be paid prior to any unsecured creditor and in rank order as determined by

A) 11 U.S.C. 507
B) 11 U.S.C. 587
C) 11 U.S.C. 765
D) 11 U.S.C. 345

Question 2

The generally accepted definition of a(n) ________ contract is one in which there has been insufficient or incomplete performance of the contract, thus rendering a material breach by either party.

A) Executory
B) Unconscionable
C) Unilateral
D) Bilateral