--- Wipes all subordinate debts --- Debtor has right to redeem buy paying off debt b4 sale Proceeds of Sale 1. Admin expenses 2. Priority of Holders 3. Surplus to Debtor - Insufficient to pay Expenses? ---Secured party may bring action to recover deficiency Retention...
debtsfinesluxury goods recently purchased Chapter 9 Bankruptcy Reorganization - pay creditors on a plan Chapter 13 Bankruptcy (Individual) 60-month repayment planPaid pro rata (largest owed paid first when no money is left)1. Secured debt (mortgages personal property)2. Unsecured debt (Child ...
they must have debts- it can be any amount, as long as it is not an "abuse of the process" Things to remember when looking at bankruptcy distribution problems: 1- Look at the dates! Priorities change based on the dates claims with a "realistic possibility" of being sustained need not ...
Secured creditor collateral ex: car is collateral, mortage is collateral what is collateral an item of value pledged to secure a loan unsecured creditor no collateral ex: instead of relying on a borrowers assets, lenders approve unsecured loans based on a borrowers creditworthiness ...
Why might a creditor might have to take a loss on the debt it loaned to a distressed company? This happens to lower-priority creditors all the time. Remember, secured creditors always come first and get first claim to all the proceeds from a sale or series of asset sales; if a creditor...
a. a distribution to secured creditors. b. a reaffirmation of debt. c. an exception to discharge. d. an objection to discharge. d. an objection to discharge. Under Chapter 7 bankruptcy, the debtor must pay: a. no debts remaining after liquidation, with certain exceptions. ...
Secured by homes that already have at least one other mortgage or lien. Property Tax Lien Lenders used to pay for delinquent taxes. Texas Department of Savings and Mortgage Lending (SML) Subject to the oversight and under the jurisdiction of the Finance Commission of Texas. Two responsibilities:...
The bonds are secured by the additional plant facilities built by Domsee. Where should the City report the bonds in its annual financial report?a) In the government-wide financial statements.b) In the notes to the financial statements.c) In the proprietary fund financial statements.d) In any...
1. secured creditors 2. child and spousal support obligations 3. administrative expenses 4. wages and salaries (when the debtor has employees) up to a dollar maximum Conclusion of Case: dischargeable and non-dischargeable debts (15P) non-dischargeable: ...
A bond secured by a mortgage on one or more assets. These bonds are typically backed by real estate holdings and/or real property such as equipment. In a default situation, mortgage bondholders have a claim to the underlying property and could sell it off to compensate for the default. ...