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Old 01-29-2011, 11:46 AM  
El Jefe El Jefe is offline
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Business Law question.
Here is a hypothetical scenario.

Jason decided to declare bankruptcy because he owed his creditor's over $50,000. His only asset was a car worth about $20,000, so he decided to protect the car by selling it to his friend Deni$e for $3000. He planned upon buying the car back from Deni$e when the bankruptcy proceedings were finalized. Was the sale of the car a valid contract? Why or why not?

I think the sale of the car was not a valid contract, because the car is his only asset and in bankruptcy the assets and contracts of a bankrupt person are assigned to a trustee in bankruptcy who is empowered to sell these assests for the benefit of the creditors.

Is this correct?
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Old 01-29-2011, 06:16 PM   #16
Hog's Gone Fishin Hog's Gone Fishin is offline
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Quote:
Originally Posted by DaneMcCloud View Post
Why would someone with a $20k car declare bankruptcy over $50k?

That doesn't seem logical, IMO.
Well, you do realize we're dealing with CP retarts ?
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Old 01-29-2011, 07:22 PM   #17
Rain Man Rain Man is offline
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I thought you got to keep a car anyway. I thought the house and the car were always off limits to creditors.
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Old 01-29-2011, 07:25 PM   #18
Bwana Bwana is offline
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I thought you got to keep a car anyway. I thought the house and the car were always off limits to creditors.
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The good judge can make deadbeat Jason sell it off and get a less expensive vehicle, to help reduce the dept.
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Old 01-29-2011, 10:50 PM   #19
El Jefe El Jefe is offline
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Originally Posted by Rausch View Post
You've clearly gone full reerun...
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Originally Posted by Fairplay View Post
I never seen the name Deni$e spelled that way before.
Quote:
Originally Posted by DaneMcCloud View Post
Why would someone with a $20k car declare bankruptcy over $50k?

That doesn't seem logical, IMO.
Let me clear up a couple things, when I said business law question, I meant its a question for my Business Law class. It's a hypothetical question, we are supposed to answer using principle of law. It's just a discussion question to invoke some thinking. I just wanted to get some feedback on it. I spelled deni$e because if I spelled it regularly it put up that annoying icon.
Last edited by El Jefe; 01-29-2011 at 10:53 PM.. Reason: spelling
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Old 01-30-2011, 12:11 AM
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Old 01-30-2011, 02:50 AM   #20
TinyEvel TinyEvel is offline
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Quote:
Originally Posted by DaneMcCloud View Post
Why would someone with a $20k car declare bankruptcy over $50k?

That doesn't seem logical, IMO.
The car was a Mitsubishi Eclipse.
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Old 01-30-2011, 05:07 AM   #21
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Actually this question has a couple of holes in it....sounds like your Business Law book was written several years back.
To me it sounds like a pretty standard question early on in a topic on bankruptcy in an intro to business law class. Not a 5th year exam question in the bankruptcy/insolvency elective.
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Old 01-31-2011, 03:07 PM   #22
Rausch Rausch is offline
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Originally Posted by kcchiefsfanGoJC View Post
I spelled deni$e because if I spelled it regularly it put up that annoying icon.
And if you refer to a tard I have on ignore again it'll be amazing how much stuff icon find to cram, sideways, up towards your prostate with a spade and some displaced anger...
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