Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

18. Imagine that the actor Kim Basinger had a $9,500,000 judgment against her, and she only had $5,000,000 worth of assets. Which type of bankruptcy

image text in transcribed
18. Imagine that the actor Kim Basinger had a $9,500,000 judgment against her, and she only had $5,000,000 worth of assets. Which type of bankruptcy would she want to file, if she would like to eliminate all of this debt and start all over? She spent around $7,000 a month on the care of her animals, and she spent a total of $43,000 a month. a. Chapter 12 Bankruptcy b. Chapter 7 Bankruptcy c. Chapter 11 Bankruptcy d. Chapter 13 Bankruptcy 19. If an involuntary bankruptcy petition is not accepted and is declared illegal by the trustee in bankruptcy, then the court will award which of the following to the debtor? a. costs b. reasonable attorney fees c. damages d. all of these e. none of these 20. If a friend files a Chapter 7 bankruptcy and qualifies, which of the following debts will she/he still be responsible to pay, even after her/his assets have been liquidated by the trustee in bankruptcy

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intellectual Property Law

Authors: Lionel Bently, Brad Sherman, Dev Gangjee, Phillip Johnson

5th Edition

0198769954, 978-0198769958

More Books

Students also viewed these Law questions