Ask Question
BusinessBusiness
28 November, 02:10

Alex files a petition for bankruptcy under Chapter 7. He owes $2.37 million to assorted creditors. Two months before filing, he sold his beach house, which was valued at $600,000, to his brother Jonah for $150,000. If the trustee objects to the sale, most likely:

+3
Answers (2)
  1. 28 November, 02:56
    0
    C) the trustee will avoid the transfer and take back the house as part of Alex's estate.

    Explanation:

    Alex's creditors can claim that the sale was made to avoid payment to them since its value is much lower than the fair market value. It all depends if the property was considered an exempt property or not. Generally a beach house will not be considered exempt since it's not Alex's primary residence. So the trustee can cancel the transfer and include the beach house in Alex's estate.
  2. 28 November, 04:33
    0
    If the trustee objects to the sale, most likely: The trustee will avoid the transfer and take back the house as part of Alex's estate
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Alex files a petition for bankruptcy under Chapter 7. He owes $2.37 million to assorted creditors. Two months before filing, he sold his ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A company's strategy is shaped by Multiple Choice 1. management analysis and choice in part, as well as by the necessity of adapting. 2. its core values, mission, and strategic vision. 3.
Answers (1)
When participating in a man drive, what is an important consideration that drivers should follow? they should move as quickly as possible through the brush to effectively flush out the game they should avoid wearing blaze orange clothing to avoid
Answers (1)
True or False: Bryant is drunk and driving his car 20 miles over the speed limit. He hits Angelina, who is crossing the street against a red light. Angelina has over $95,000 in medical bills and has significant pain and suffering.
Answers (1)
A market structure in which sellers have no influence over price is known as
Answers (1)
How would the number of firms competing in a particular market affect the likelihood that an exporter to that market would be accused of dumping?
Answers (1)
New Questions in Business
If supply increases while demand decreases A. the equilibrium quantity will definitely increase. B. the equilibrium price will definitely decrease. C. the equilibrium quantity will definitely decrease. D.
Answers (1)
To sit next to her mother at a restaurant, diana pushes her little brother mark out of the way. what type of aggression is this?
Answers (1)
Roger Technologies invests $50,000 to acquire $50,000 face value, 8%, five-year corporate bonds on January 2, 2017. The bonds will mature on January 2, 2022. The bonds pay interest semiannually on January 2 and July 2 each year until maturity.
Answers (1)
At the beginning of the year, Sigma Company's balance sheet reported Total Assets of $195,000 and Total Liabilities of $75,000. During the year, the company reported total revenues of $226,000 and expenses of $175,000.
Answers (1)
Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end. With this omission, the company's summary financial statements were stated as follows:Summarized Income StatementSales $50,000,000All Cost (incl.
Answers (1)
Home » Business » Alex files a petition for bankruptcy under Chapter 7. He owes $2.37 million to assorted creditors. Two months before filing, he sold his beach house, which was valued at $600,000, to his brother Jonah for $150,000.
Sign Up Forgot Password?