How much time does Janet have after filing the bankruptcy petition to submit the required schedules? What happens if Janet does not meet the deadline?

How did the court rule with respect to the trustee’s argument? Why?

Montoro petitioned himself into voluntary bankruptcy. There were three major claims against his estate. One was made by Carlton, a friend who held Montoro’s negotiable promissory note for $2,500. Another was made by Elmer, Montoro’s employee, who claimed that Montoro owed him three months’ back wages of$4,500. The last major claim was made by the United Bank of the Rockies on an unsecured loan of $5,000. In addition, Dietrich, an accountant retained by the trustee, was owed$500, and property taxes of $1,000 were owed to Rock County. Montoro’s nonexempt property was liquidated, with proceeds of$5,000. Discuss fully what amount each party will receive, and why

Burke has been a rancher all her life, raising cattle and crops. Her ranch is valued at $500,000, almost all of which is exempt under state law. Burke has eight creditors and a total indebtedness of$70,000. Two of her largest creditors are Oman ($30,000 owed) and Sneed ($25,000 owed). The other six creditors have claims of less than $5,000 each. A drought has ruined all of Burke’s crops and forced her to sell many of her cattle at a loss. She cannot pay off her creditors. (See Liquidation Proceedings.)

(b) Could either Oman or Sneed force Burke into involuntary bankruptcy? Explain.

Burke has been a rancher all her life, raising cattle and crops. Her ranch is valued at $500,000, almost all of which is exempt under state law. Burke has eight creditors and a total indebtedness of$70,000. Two of her largest creditors are Oman ($30,000 owed) and Sneed ($25,000 owed). The other six creditors have claims of less than $5,000 each. A drought has ruined all of Burke’s crops and forced her to sell many of her cattle at a loss. She cannot pay off her creditors. (See Liquidation Proceedings.)

(a) Under the Bankruptcy Code, can Burke, with a$500,000 ranch, voluntarily petition herself into bankruptcy? Explain.