2 pages/≈550 words
Literature & Language
Law (Policies and regulation) 2 (Case Study Sample)
Question 1. Compare Chapters 7, 11, 12, and 13, of the required reference (Business Law, text and cases 12th edition by Clarkson, Miller, and Cross) discussing, for each chapter, the purpose or function, who is eli¬gible for relief , whether proceedings can be initiated voluntarily or involuntarily, proce¬dures leading to dis¬charge, and the advantages. Question 2. How are secured creditors protected from losing the value of their security as a result of an automatic stay? Question 3 Three months ago, Janet Hart's husband of twenty years died of cancer. Although he had medical insurance, he left Janet with outstanding medical bills of more than $50,000. Janet has worked at the local library for the past ten years, earning $1,700 per month. Since her husband's death, Janet also receives $1,500 in Social Security benefits, and $1,100 in life insurance proceeds every month, giving her a monthly income of $4,300. After she pays the mortgage payment of $1,500, and the amounts due on other debts each month, Janet barely has enough left over to buy groceries for her family (she has two teenage daughters at home). She decides to file for Chapter 7 bankruptcy, hoping for a fresh start. 1. What must Janet do prior to filing a petition for relief under Chapter 7? 2. How much time does Janet have after filing the bankruptcy petition to submit the required schedules? What happens if Janet does not meet the deadline? 3. Assume that Janet files a petition under Chapter 7. Further assume that the median family income in the state in which Janet lives is $49,300. What steps would a court take to determine whether Janet's petition is presumed to be “substantial abuse” under the means test? 4. Suppose that the court determines that no presumption of substantial abuse applies in Janet's case. Nevertheless, the court finds that Janet does have the ability to pay a portion of the amount due on the medical bills out of her disposable income. What would the court likely order in that situation? source..
LAW (POLICIES AND REGULATION)
Date of Submission
According to the book of business law chapter 7 is actually a legal process where a federal court usually allocates a trustee to take care of one`s financial issues. The trustee cancels some or all the debts and liquidates some of the assets to pay of the debts. This is what is called chapter 7(Kenneth, 2004, 140).
Similarly chapter 7 is mostly based on bankruptcy policy. Unlike chapter 13 bankruptcy where one is supposed to prepare a repayment plan for his/her creditors, chapter seven actually leaves off the hook for most of one`s debts. It cancels most of one`s personal debts. On the other hand chapter 11 of business law is actually a legal process by which a firm may do declare bankruptcy but remain operating under the direction of a court appointed trustee. This is what is called the reorganization simply because the concerned trustee reorganizes the firm to be and also pays the creditors of the business (Kenneth, 2004, 222). Similarly under chapter 11 the court may also exempt the firm from paying part of or all its debts. In this chapter bankruptcy is actually sought and granted in the situation where the value of the firm is larger than the summation of its assets.
Moreover chapter 12 of the bankruptcy is actually based on the adjustment of debts of a farmer or also the fisherman with Regular Annual Income. This chapter was actually planned to assist financially challenged family fishermen or farmers who relay have regular source of income to repay their debts. This chapter does the elimination of the setbacks to these debtors that they are likely to endure if they tried to reorganize under chapter eleven or also under chapter thirteen(Kenneth, 2004, 243). This chapter is so streamlined and also less complicated when compared to chapter eleven, and also it is the one which is better suited for family fishermen and farmers who at one point have larger debts when compared to other individuals filling under chapter 13.
Finally chapter 13 cases, it argues that a debtor must actually be an individual having a regular income and who is willing to keep her or his no...
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