Multiple Choice
Able gets a judgment against Baker in state court for $50,000 on July 1.On July 15,Baker files a bankruptcy petition under Chapter 7.Which of the following is true?
A) Able is a lien creditor.
B) A creditor with a security interest that was not perfected when the bankruptcy petition was filed has priority over Able.
C) The judgment is a preferential transfer that will be invalidated by the trustee.
D) Able will not be able to recover any of the judgment.
Correct Answer:
Verified
Correct Answer:
Verified
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