Karen personally guaranteed the lease

Reference no: EM133685590

Question

Karen, a talent agent, has hit hard times and needs cash. She borrows $50,000 from her mom. In January 2022, mom realizes that Karen will not be able to pay her back and forgives the $50,000 debt, telling her daughter she does not need to pay her back. Soon thereafter in February, Karen gives her mom her diamond necklace, valued at approximately $10,000 as a thank you gesture for forgiving the loan. Karen eventually files bankruptcy under Chapter 7 in May 2022. In her bankruptcy schedules she does not list her mom as a creditor nor does she list the transfer of the necklace to her mom. At a meeting of creditors, one of Karen's creditor tells the Trustee about the necklace because he saw Karen wearing it. Karen explains that she gave it to her mother as a thank you for a loan that was forgiven and she just forgot to schedule it.

Assume the corporation leased office space and Karen personally guaranteed the lease. If the corporation has not paid rent for the two months prior to Karen filing bankruptcy, does the Automatic Stay protect the corporation from eviction?

Reference no: EM133685590

Questions Cloud

Analyze the type of pretrial publicity that occurred : Analyze the type of pretrial publicity that occurred. Do you believe it affected the verdict? Why or why not?

Legal standards and admissibility of forensic evidence : Legal Standards and Admissibility of Forensic Evidence: Examine the legal standards and criteria governing the admissibility of forensic evaluations

What are the three classifications of tort : Here we are discussing one type of tort; what are the three classifications of tort? Lyles was discharged the day after the operation after having several x-ray

Using the internet to solve these traditional crimes : Discuss what evidence was collected by using the internet to solve these traditional crimes.

Karen personally guaranteed the lease : Assume the corporation leased office space and Karen personally guaranteed the lease.

What stands out to you about emilys story : Based on what you learned, what stands out to you about Emily's story? What does her story have in common with the Lesson Material?

Whistleblowers have precarious position in society : Whistleblowers have a precarious position in society. We revere their bravery but becoming one can be the end of your career.

Analysis of the texts affordances for early years : Analysis of the texts affordances for early years literacy and understanding of childhood development in the early years. Specific strategies for supporting

With the aid of case law and traceable citations : Buyer and Seller are citizens of the United States and France respectively. Both countries have adopted the CISG.

User Account

All Pages