12 Questions
What does §502(c) instruct the court to do?
Estimate unliquidated and contingent claims that cannot be resolved without unduly delaying the administration of the case
What is the critique regarding §502(c)?
It doesn’t provide a means or process for estimating speculative or contingent claims
Why is it necessary to estimate the value of outstanding litigation in a Chapter 7 bankruptcy?
Bankruptcy cannot proceed without putting some number on the value of the case
What was the procedural posture in the case of In Re Polis?
Debtor challenged the judgment of district court dismissing her class action suit against appellee travel service for lack of standing
What did Polis seek to do with the cause of action against Getaways under the Truth in Lending Act?
Exempt it, assigning it a value of zero
When was Polis discharged from bankruptcy?
The day after initiating the class action
Why did both Getaways and the trustee in bankruptcy move to reopen the bankruptcy proceeding?
Polis's cause of action in the class action suit was worth more than $900
According to the rule, what does the Bankruptcy Code allow regarding a debtor's personal property?
All legal or equitable interests of the debtor in property as of the commencement of the case
How was the value of appellant's claim determined?
The judgment she would obtain if she litigated and won
Why can legal claims be considered as assets for bankruptcy purposes?
They are claims for money and are part of the debtor's estate
What was the basis of the lawsuit against Getaways?
A transaction that occurred before the bankruptcy petition was filed
How was the value of the lawsuit determined?
Prayer amount multiplied by the chance the claim will be successful
Test your knowledge of bankruptcy law with this quiz on the estimation of claims and the 502(c) provision. Explore the process of assessing the value of outstanding litigation in Chapter 7 bankruptcy and the challenges related to claimholder claims.
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