Remodeling business out of building it owned on main street

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Reference no: EM132191084

Butler Interiors operated its design and remodeling business out of a building it owned on Main Street. However, as new families moved further and further out of town to the suburbs, and the city’s largest manufacturing plant was moved to Texas, it became more and more difficult for Butler to remain profitable. Union First Bank extended Butler a line of credit for operating expenses and took a mortgage back on the building. Ultimately, Butler filed for Chapter 7 bankruptcy.Which of the following is true with regard to this scenario?

These are not the types of debt which can be discharged in bankruptcy.

Since Union First Bank extended credit when Butler was already having problems, it will be unable to collect anything in the bankruptcy.

Chapter 7 bankruptcy does not apply to business entities.

As a fully secured creditor, Union First Bank may have its claim satisfied in full.

Reference no: EM132191084

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