× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
p
4
h
4
c
4
d
3
3
c
3
t
3
u
3
A
3
B
3
j
3
s
3
Home Q & A Board Other Fields Homework Help Business
New Topic  
Vaneisha07 Vaneisha07
wrote...
Go to Answer
Posts: 530
Rep: 0 0
6 years ago
CPA QUESTION: Unger owes a total of 50,000 to eight unsecured creditors and one fully secured creditor. Quincy is one of the unsecured creditors and is owed 6,000 . Quincy has filed a petition against Unger under the liquidation provisions of Chapter 7 of the federal Bankruptcy Code. Unger has been unable to pay debts as they become due. Unger's liabilities exceed Unger's assets. Unger has filed papers opposing the bankruptcy petition. Which of the following statements regarding Quincy's petition is correct?
 a. It will be dismissed because the secured creditor failed to join in the filing of the petition.
  b. It will be dismissed because three unsecured creditors must join in the filing of the petition.
  c. It will be granted because Unger's liabilities exceed Unger's assets.
  d. It will be granted because Unger is unable to pay Unger's debts as they become due.
Read 46 times
1 Reply
Replies
Answer verified by a subject expert
Mmm23Mmm23
wrote...
#1
Posts: 220
Rep: 0 0
6 years ago
Sign in or Sign up in seconds to unlock everything for free
1

Related Topics

Vaneisha07 Author
wrote...

6 years ago
Helped a lot
bbbbbbbh
wrote...

Yesterday
Correct Slight Smile TY
carston
wrote...

2 hours ago
Brilliant ツ
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1125 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 317
  
 319
  
 211
Your Opinion
Which of the following is the best resource to supplement your studies:
Votes: 300
Previous poll results: Who's your favorite biologist?