Lulu Joins with Other Creditors to Force Mikhail,a Debtor,into Bankruptcy

question 32

Multiple Choice

Lulu joins with other creditors to force Mikhail,a debtor,into bankruptcy. One of the goals of bankruptcy law with respect to creditors is to

• A)ensure that creditors will continue to lend to insolvent debtors.
• B)protect creditor assets from diminution in value.
• C)provideequitable treatment in the competition for debtor assets.
• D)make all debtor property available for creditor claims.

---

Definitions:

Community Property

A form of joint property ownership typically between spouses, where assets acquired during the marriage are owned equally by both parties.

Joint Tenancy

is a form of property ownership by two or more persons where each owns an undivided interest, and upon death, the survivor(s) automatically assumes ownership of the deceased's share.

Inheritable Tenancy

A type of tenancy that allows the tenant's rights in the property to be passed on to their heirs.

Community Property

A legal concept in certain jurisdictions that property acquired during marriage is owned jointly by both spouses.