Business, 18.02.2020 22:31 lolo8787

On August 1, 2004, Hall files a voluntary petition under Chapter 7 of the Federal Bankruptcy Code. Hall's assets are sufficient to pay general creditors 40% of their claims. The following transactions occurred before the filing: - On May 15, 2004, Hall gave a mortgage on Hall's home to National Bank to secure payment of a loan National had given Hall two years earlier. When the loan was made, Hall's twin was a National employee. On June 1, 2004, Hall purchased a boat from Olsen for $10,000 cash. - On July 1, 2004, Hall paid off an outstanding credit card balance of $500. The original debt had been $2,500. The payment to Olsen was Preferential, because the payment was made within 90 days of the filing of the petition. A. Preferential, because the payment enabled Olsen to receive more than the other general creditors. B. Not preferential, because Hall is presumed insolvent when the payment was made. C. Not preferential, because the payment was a contemporaneous exchange for new value.

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On August 1, 2004, Hall files a voluntary petition under Chapter 7 of the Federal Bankruptcy Code. H...

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