chapter 34

5. General Supplies Corporation (GSC) has not paid any of its fifteen creditors, six of whom have unsecured claims of more than $18,000. Under which chapter of the Bankruptcy Code can the creditors force GSC into bankruptcy? a. Chapter 7 only. b. Chapter 11 only. c. Chapter 13 only. d. Chapter 7 or Chapter 11. 6. Bob files a bankruptcy petition under Chapter 7 to have his debts discharged. If Bob's plan is approved, the debts most likely to be discharged include claims for a. back taxes accruing within three years before the petition was filed. b. certain fines and penalties payable to the government. c. domestic support. d. student loans, if the payment would impose undue hardship on Bob. 7. National Stores, Inc., decides to file for bankruptcy. Under which chapter of the Bankruptcy Code can a corporation file a petition for bankruptcy? a. Chapter 7 only. b. Chapter 11 only. c. Chapter 13 only. d. Chapter 7 or Chapter 11