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Question
Bill filed a petition for bankruptcy under Chapter 7 of the Bankruptcy Act. Bill listed, among others, the following debts: a debt to the National Bank for $10,000 secured by his 1980 truck, which is valued at $3,500; an unsecured debt to his friend, Frances; a $500 debt to the IRS for 1989 federal income taxes; and a $500 student loan to the university which was due one year ago. Under these circumstances:
A. the $500 debt to the IRS is a nondischargeable debt.
B. Frances can claim the debt even without filing a proof of claim.
C. the $500 student loan to the university is a dischargeable debt.
D. the bank can receive preferential payment because the debt owed to it is highest.
Answer
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