COPYRIGHTED MATERIAL
Reflecting on… Resolving Insolvency
LET’S PRACTICE
Name: _____________________________________________________________________________
Goin’ Bananas for
1. Prior to the establishment of bankruptcy laws , how were debts often resolved? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 2. How does the ability to file bankruptcy benefit the economy and society in general? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 3. If you are ever faced with overwhelming debt and are contemplating filing bankruptcy, what experts should you consult? _ ______________________________________________________________________________ 4. These days, ____________ is a fairly common proceeding. As a ___________ literate person you should know a little about it! PRODUCT PREVIEW 5. T F Student loans are dischargeable in bankruptcy. 6. What are the different types of bankruptcy named for ? _ ______________________________________________________________________________ 7. Chapter 7 provides for ___________ (supervised sale) of the debtor’s assets. However, most Chapter 7 cases are _____-asset cases because the debtor has little left of value to sell. 8. In the event the Chapter 7 trustee liquidates an asset, to whom are the proceeds distributed ? _ ______________________________________________________________________________ 9. Tom had to file Chapter 7 bankruptcy because of medical debts he incurred when he failed to use his HMO’s in-network providers. He has a valuable collection of antique jewelry that his grandmother left to him in her will. He’d like to avoid having to sell it. Is this possible? Explain. _ ______________________________________________________________________________ _ ______________________________________________________________________________
Chapter 18 | Resolving Insolvency 360
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