ASSIGNMENT
1. a. Benson goes into bankruptcy. His estate is not sufficient to pay all taxes owed. Explain whether Benson’s taxes are discharged by the proceedings.
b. Benson obtained property from Anderson on credit by representing that he was solvent when in fact he knew he was insolvent. Explain whether Benson’s debt to Anderson is discharged by Benson’s discharge in bankruptcy.
2. Bradley goes into bankruptcy under Chapter 7 owing $25,000 as wages to his four employees. There is enough in his estate to pay all costs of administration and enough to pay his employees, but nothing will be left for general creditors. Do the employees take all the estate? If so, under what conditions? If the general creditors received nothing, would these debts be discharged?
3. Jessica sold goods to Stacy for $2,500 and retained a security interest in them. Two months later, Stacy filed a voluntary petition in bankruptcy under Chapter 7. At this time, Stacy still owed Jessica $2,000 for the pur- chase price of the goods, the value of which was $1,500.
a. May the trustee invalidate Jessica’s security interest? If so, under what provision?
b. If the security interest is invalidated, what is Jessica’s status in the bankruptcy proceeding?
c. If the security interest is not invalidated, what is Jessica’s status in the bankruptcy proceeding?
4. A debtor went through bankruptcy under Chapter 7 and received his discharge. Which of the following debts were completely discharged, and which will remain as future debts against him?a. A claim of $9,000 for wages earned within five months immediately prior to bankruptcy.
b. A judgment of $3,000 against the debtor for breach of contract.
c. $1,000 for domestic support obligations.
d. A judgment of $4,000 for injuries received because of the debtor’s negligent operation of an automobile.
5. Rosinoff and his wife, who were business partners, entered bankruptcy. A creditor, Baldwin, objected to their discharge in bankruptcy on the grounds that
a. the partners had obtained credit from Baldwin on the basis of a false financial statement;
b. the partners had failed to keep books of account and records from which their financial condition could be ascertained; and
c. Rosinoff had falsely sworn that he had taken $70 from the partnership account when the amount he took was actually $700. Were the debtors entitled to a discharge? Why or why not?
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