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BL Unit IV Assessment: Elements of Bankruptcy (Essay Sample)

Instructions:
What are the elements of Bankruptcy under Chapter 7, Chapter 11, and Chapter 13? Identify the key differences. Provide an example for each that is not presented in the textbook. Your response should be at least 200 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Any references or citations must be in APA style. source..
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Elements of Bankruptcy
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ELEMENTS OF BANKRUPTCY
Bankruptcy is referred to as a legal procedure that enables consumers in eliminating their debts through the protection offered by court. The main types of bankruptcy that are popular are chapter thirteen and seven, where chapter seven is largely used by the individuals (Cheeseman, 2013). Moreover, another type called chapter eleven is applicable. Bankruptcy offers an opportunity to individuals for starting a fresh with their money even though the bankruptcy elements are complex. There important elements of chapter seven, eleven and thirteen, as well as the key difference in all.
The chapter seven-bankruptcy deals with elimination and liquidation of the remaining debt. Individuals file this kind often, although businesses may opt to file for it too, whose timeline is a period of three to six months. However, the bankruptcy in chapter eleven is usually sought after by corporations that are publicly traded as well as large companies. In addition, chapter thirteen bankruptcy helps in reorganization of the debt as we...
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