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Help Please! Thanks

1. The Bankruptcy Code permits individual debtors to keep some property for themselves, but leaves it up to the states to opt out of the federal list of exemptions and instead set their own exemptions and amounts. A list of North Carolina's Bankruptcy exemptions can be found at http://www.thebankruptcysite.org/exemptions/northcarolina.html After looking at this website, list the exemption amounts NC allows for the Homestead exemption, Motor vehicle exemption, and personal property exemptions.

2. In a Chapter 13 bankruptcy filing, who has the authority to confirm or reject a plan of payment? List and briefly explain the factors that are considered when deciding whether to approve a repayment plan under Chapter 13?

3. Alex loses his job and after trying unsuccessfully to make ends meet, he files for Chapter 7 Bankruptcy. His list of creditors includes

-$50,000 to ex-wife for back child support

-$200,000 to mortgage company for his house loan

-$35,000 credit card debt

- $8000 property taxes

-$3000 dental bill

The total amount Alex owes creditors is $293,000, but after his exemptions, there is only $275,000 left to pay the creditors.

Answer the following questions:

A. Identify the three categories of creditors and specify which of the three categories each of Alex's creditors belongs to.

B. Apply the Bankruptcy code rules to determine how the $275,000 will be distributed to Alex's creditors. Specifically,

(1) What order will the claims get paid?

(2) Whose claims will get paid off completely?

(3) Whose claims will not be paid off completely and what will happen with any balance not paid off?