Business, 19.12.2019 04:31 savanah111

Bill filed a petition for bankruptcy under chapter 7 of the bankruptcy act. bill listed, among others, the following debts: a debt to the national bank for $10,000 secured by his 1980 truck, which is valued at $3,500; an unsecured debt to his friend, francis; a $500 debt to the irs for 1989 federal income taxes; and a $500 student loan to the university which was due one year ago. in this scenario,
a. the $500 debt to the irs is a nondischargeable debt
b. francis can claim the debt without filing a proof of claim
c. the $500 student loan to the university is a dischargeable debt
d. the bank can receive preferential payment because the debt owed to it is the highest

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Bill filed a petition for bankruptcy under chapter 7 of the bankruptcy act. bill listed, among other...

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