Duty of Debtor by Federal Rules of Bankruptcy

The Duty of Debtor by Federal Rules of Bankruptcy
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The Duty of Debtor by Federal Rules of Bankruptcy
In the 21st century, the increase in the number of borrowers remains relatively high. I selected this topic because of the relative increase in borrowers' cases whereby they default or do not commit themselves to pay their debts. The topic reminds debtors to embrace their duty to pay when the debt is due (Hunter & Shannon, 2020). Moreover, the topic provides insights into scenarios whereby some debtors become bankrupt. The topic becomes interesting because of its clarity on the directions the debtor should follow in the case of bankruptcy. The law demands that the debtor provide their federal income tax return for the previous fiscal year alongside the necessary documents (Hunter & Shannon, 2020). The debtor should provide these details to the trustee seven days before the creditors' meeting.
How does it impact the business law environment?
The topic helps identify the protective measures that shield creditors from losing their money due to defaulting clients. Additionally, it offers the ...