Imagine that you graduated three years ago and have been working for a firm that sells...

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Imagine that you graduated three years ago and have been working for a firm that sells goods to the general public and to other businesses. You had sold $45,000 worth of goods for your employer to Fisher Enterprises, a relative short time in the past, say about a month. Just after you sold the goods to Fisher, Fisher went bankrupt. Your employer informs you that they have received a letter from Fisher's trustee in bankruptcy, requesting that your company immediately send the $45,000 to the trustee. Your employer also informed you that you would have to return your 10% commission on this sale. The trustee is claiming that Fisher's $45,000 payment to your company must be given to the trustee because it was a. a priority claim b. a non-dischargeable c. a preferential transfer d. all of these e. none of these debt Imagine that a student graduated from college with a degree in education, and they got a full- time job in teaching. This work, which usually consists of teaching five days a week, brings in about $3,200 a month. This individual is living with their parents, but have credit card bills, car payments, student loan payments, car insurance payments, etc. Their total debt is $53,000. If they cannot make all the payments due monthly on their debts, which of the following is the best answer? a. They can file a Chapter 13 and the trustee in bankruptcy will reduce some of their debt and extend it over a longer time. b. They cannot file for bankruptcy because their debt is too low. c. They cannot file for a Chapter 7 Bankruptcy. d. They will not qualify for a Chapter 13 Bankruptcy. e. None of these Imagine that you graduated three years ago and have been working for a firm that sells goods to the general public and to other businesses. You had sold $45,000 worth of goods for your employer to Fisher Enterprises, a relative short time in the past, say about a month. Just after you sold the goods to Fisher, Fisher went bankrupt. Your employer informs you that they have received a letter from Fisher's trustee in bankruptcy, requesting that your company immediately send the $45,000 to the trustee. Your employer also informed you that you would have to return your 10% commission on this sale. The trustee is claiming that Fisher's $45,000 payment to your company must be given to the trustee because it was a. a priority claim b. a non-dischargeable c. a preferential transfer d. all of these e. none of these debt Imagine that a student graduated from college with a degree in education, and they got a full- time job in teaching. This work, which usually consists of teaching five days a week, brings in about $3,200 a month. This individual is living with their parents, but have credit card bills, car payments, student loan payments, car insurance payments, etc. Their total debt is $53,000. If they cannot make all the payments due monthly on their debts, which of the following is the best answer? a. They can file a Chapter 13 and the trustee in bankruptcy will reduce some of their debt and extend it over a longer time. b. They cannot file for bankruptcy because their debt is too low. c. They cannot file for a Chapter 7 Bankruptcy. d. They will not qualify for a Chapter 13 Bankruptcy. e. None of these

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