Sanjana Decided to Make an Assignment in Bankruptcy After She

question 26

Multiple Choice

Sanjana decided to make an assignment in bankruptcy after she lost her job.Times are tough and she just wants a fresh start in life.She put all of her goods into the hands of the trustee appointed in her case, including a '61 Thunderbird coupe that her father left her when he passed away several years before.Since then, the car has sat under a tarp in a neighbour's garage.Sanjana estimates that the trustee should be able to get at least $80 000 for such a fine vintage model.Sanjana can

• A)require the trustee to seek the estimated amount before he sells, and if he does not achieve that price, buy it back.
• B)try to auction the car herself and pay the proceeds to the trustee.
• C)hold on to the car as part of her exempt property.
• D)give the car to a particular creditor.
• E)not stop the trustee from selling the car, but if the car pays all her creditors and the costs of the bankruptcy administration, she obtains the residual amounts in the estate.

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Definitions:

Textbook

A book containing the essential information on a subject, typically used as a study guide in education settings.

Coercion

The act of compelling or forcing someone to act in a certain way by use of threats or pressure.

Own Goals

Own Goals refer to objectives or targets that an individual sets for themselves, emphasizing personal accountability and motivation.

Subordinates

Individuals who report to a superior or higher-ranking personnel in a hierarchical structure.