Relevance of Business Law to CPA's Research Assignment

Interviewing and Accounting Professional
Student’s Name
Institution Affiliation
Introduction
In any profession interviewing is an important process which ensures that a company acquires the right skill and talent that would ensure the success of the organization. The following section discusses some potential interview questions and the expected responses in two subject areas in business law, the protection of creditor in the face of bankruptcy and the challenges presented in the formation of contracts in the accounting profession. During an interview, an interviewee should strive to provide answers that are as accurate as possible to show that he understands the scope of the profession and to gain the trust and confidence of the employer. Some of the most common questions in the subject areas mentioned above are as below.
Protection of Creditors in the face of Bankruptcy
How would you describe the Chapter 7 Discharge?
I would describe the Chapter 7 Discharge as a court order which releases an individual, debtor, from all of his dischargeable debts by ordering the creditors not to collects the debts from the debtor (Aghion, Hart & Moore, 2000). In this case, the discharged debts include all the debts the debts that the debtor is exempted to pay.
Does the Discharge exempt the debtor from all the Debts?
No. It does not. The discharge exempts the debtors form all the debts incurred with the exemption of the debts not listed under the chapter and debts from certain taxes that might have become due during the last 3 years of the debts (Aghion, Hart & Moore, 2000). Also, it does not exempt the debtors from the debts resulting from intentional injury, fines or penalties, and debts that could have been listed during a previous case of bankruptcy whereby the debtor was not granted a discharge.
When does a person go to court in relation to a chapter 7 case? Describe what might happen during this court session.
Usually, the first court session happens after a month when a case referred as the meeting of the creditors has been filed. During this session, the court puts the debtors under the oath and questions them about the properties, money, and debts owed to the trustees.
After the creditors meeting, what happens?
After the meeting, the trustees are allowed to contact the debtors regarding the collection of the nonexempt properties. The court might also issue the debtors with orders requiring that they turn certain properties over to the trustees or provide some crucial information to the trustees that would facilitate the recovery of the owed debts (La Porta & López-de-Silanes, 2001).
After the debtor has turned over the property to the trustee, what happens next?
The property is converted i...