Sanjana Decides to Make an Assignment in Bankruptcy After She

question 76

Multiple Choice

Sanjana decides to make an assignment in bankruptcy after she loses her job.Times are tough and she just wants a fresh start in life.She puts all of her goods in 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:

Markets for Goods

Platforms or venues where goods and services are exchanged between buyers and sellers, determining the prices through the laws of supply and demand.

Households

Units consisting of one or more people living in the same dwelling and sharing meals or living accommodation; they can also be considered as basic units in society for consumption, production, and decision-making.

Firms

Business organizations, such as corporations or partnerships, engaged in commercial, industrial, or professional activities.

Markets for Goods

Platforms or mediums where goods and services are exchanged between buyers and sellers.