27.10 Video Question. Go to this text’s Web site at www. cengage.com/blaw/blt and select “Chapter 27.” Click on “Video Questions” and view the video titled The River. Then answer the following questions. 1 In the video, a crowd (including Mel Gibson) is gathered at a farm auction in which the farming goods of a neighbor are being sold. The people in the crowd, who are upset because they believe that the bank is selling out the farmer, begin chanting “no sale, no sale.” In an effort to calm the situation, the farmer tells the crowd that “they’ve already foreclosed” on his farm. What does he mean? 2 Assume that the auction is a result of Chapter 7 bankruptcy proceedings. Was the farmer’s petition for bankruptcy voluntary or involuntary? Explain. 3 Suppose that the farmer purchased the homestead three years before filing a petition in bankruptcy and that the current market value of the farm is $215,000. What is the maximum amount of equity that the farmer could claim as exempt since the 2005 Bankruptcy Reform Act? 4 Compare the results of a Chapter 12 bankruptcy as opposed to a Chapter 7 bankruptcy for the farmer