Question: Billy Bob borrowed $5,000 from FirstBank. Before FirstBank would make the loan, the bank required Billy Bob to have a guarantor and for the guarantor

Billy Bob borrowed $5,000 from FirstBank. Before FirstBank would make the loan, the bank required Billy Bob to have a guarantor and for the guarantor to give the bank a security interest in some of the guarantors property. Billy Bob asked his mother, Suzy Q, to act as his guarantor. Suzy Q signed Billy Bobs note and gave the bank a security interest in her automobile.

What interest does the bank hold if Billy Bob were to file for bankruptcy under Chapter 7?

What interest does the bank hold if Suzy Q were to file for bankruptcy under Chapter 7?

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