Brandon Moore
4/21/18
1.
There are three requirements to have an enforceable security interest are: there must be a
written or authenticated security agreement that describes the collateral subject to the
security interest and is signed by the debtor, the secured party must give something of
value to the debtor and the debtor must have rights in the collateral.
2.
When two or more security are in the same collateral, the first security interest to be filed
has priority to the proceeds from a sale of collateral resulting from a bankruptcy.
3.
The types of property are exempt from attachment or levy of execution are execution or
attachment, garnishment or other seizure.
4.
Any person such as individuals, partnerships, and corporations can be used in chapter
seven.
5.
Under chapter seven, a trustee takes possession of non-exempt property assets, converts
them to cash and distributes the funds to creditors. After filing, an individual debtor may
receive a discharge of debts. Under chapter eleven, the creditors and the debtors
formulate a plan, which the debtor pays a portion of its debts and the rest of the debt is
discharged. The debtor negotiates with the creditors so they don’t have to liquidate assets.