extra

Question 1

Exoneration

Answer 1

allows the sureties to sue the original debtor to pay the creditor. This will take the liability out of the sureties’ responsibilities.

Question 2

Subrogation

Answer 2

When the guarantor or surety discharges the principal debtor’s obligation to the creditor, the guarantor or surety gets all the creditor’s rights regarding the obligation

Question 3

contribution.

Answer 3

when the other co-sureties are obliged to contribute their share of the liability to the surety that had to make the full payment.

Question 4

9

Answer 4

municipality

Question 5

7

Answer 5

individual liquidation

Question 6

13

Answer 6

adjustment of debts (repayment) and all are applicable to an individual or a farmer.

Question 7

11

Answer 7

reorganization of debts

Question 8

who can petition a debtor into involuntary chapter 11 bankruptcy?

Answer 8

fewer than 12 creditors one creditor may file against a debtor if his total unsecured claim is at least $15,325 and it is not subject to a bona fide dispute

Question 9

Reasons to dismiss a voluntary bankruptcy petition

Answer 9

Debtor has;

• Income higher than the state median
• Not paid post-petition child support or alimony
• Failed to provided the necessary documents
• Been convicted of drug trafficking or a violent crime and the victim has filed a motion for the bankruptcy to be dismissed