Bankruptcy

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  • The Stigma Of Bankruptcy

    Everyone knows what bankruptcy is but most try to avoid bringing it up or even thinking about it. Just the thought of bankruptcy sends shivers down the spine and puts us in fear of the possible outcome. Bankruptcy has a stigma of being the ultimate destroyer of a person’s finances. According to Dave Ramsey, bankruptcy is one of the top life negative life changing events a person can ever go through with some of the others being death in the family, divorce, and severe illnesses. Bankruptcies in the U. S are on the rise with over 1.4 million filing either Chapter 7, 11, 12 or 13 last year. Even though the reasons for this high number varies due to every situation being different filing for bankruptcy should be your last option after all else…

    Words: 781 - Pages: 4
  • Bankruptcy Vs Chapter 13 Bankruptcy

    Bankruptcy is defined as “a legal proceeding initiated by an individual or company that is unable to pay its debt” (Bankruptcy, 2003). Bankruptcy law is strictly federal law and the first federal Bankruptcy Act was enacted in 1878 (Textbook). Although bankruptcy was once considered shameful in the United States, it is now considered an acceptable way to resolve financial problems but it is typically a debtor’s last resort. Each year, approximately 1.5 million debtors file for personal…

    Words: 1633 - Pages: 7
  • Chapters Of Bankruptcy In The United States

    Bankruptcies laws date all the way back 1789 when the Constitution of the United States was signed. The Constitution has a Clause in Article I, Section 8 which states “the Congress shall have the power to…establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States” (“US Constitution Article I.”). Each state can create and enact laws that govern the contracts that are created by consumers and sellers. States are able to control the…

    Words: 875 - Pages: 4
  • Discharge In Bankruptcy Case Study

    Case Activities 3 Discharge in Bankruptcy In this case, Joseph Harman, the president of Carter Oaks Crossing was loaned $400,000 by Caroline McAfee. Harman signed a promissory note that specified the company would repay the amount of the loan with interest in installments in which the installments would begin in 1999 and end in 2006. Harman signed a personal guaranty with the promissory note. Carter Oaks Crossing eventually defaulted on the note causing McAfee to sue Harman for payment under…

    Words: 1324 - Pages: 6
  • Bankruptcy Fraud Research Paper

    Bankruptcy has become more and more prevalent in the past twenty years. With the high rise of bankruptcy, comes crime, bankruptcy fraud. Bankruptcy fraud can be done by either a business or an individual, this paper will only be about business bankruptcy fraud. What is bankruptcy? What chapters can a business file? What are the ways or types a business can commit bankruptcy fraud? What are the penalties for committing bankruptcy fraud? And what are some examples and cases of bankruptcy fraud.…

    Words: 2220 - Pages: 9
  • Debt Law

    Debt Law Website Keyword-bankruptcy lawyer Las Vegas Facing unmanageable debt can be a daunting experience especially with the difficult financial times. Trying to negotiate with creditors may be difficult, not to mention that some would want to repossess any item you have. Fortunately, you do not have to suffer in silence. A bankruptcy lawyer Las Vegas can help you. There are different options that one can use to settle debt. Debt consolidation, debt settlement and bankruptcy are some common…

    Words: 777 - Pages: 4
  • The Pros And Cons Of Opening A New Business

    Many attempt to alleviate the weight of the debt by selling company owned equipment and using the proceeds to pay down their balances. If doing so doesn’t alleviate the debt, business owners will have a new decision to make: should they file for bankruptcy or try to cover the deficit with personal funds? When attempting to decide whether or not to file for bankruptcy, the answer is almost always the same. Only file for bankruptcy if it is absolutely necessary. In the best-case scenario, you…

    Words: 776 - Pages: 4
  • Pierre Martell Home Builder Comparison

    business gets better. For example if GM took their faulty cars and never changed anything to make them better, do you think they would still business? General Motors almost had to shut their doors back in 2009. GM filed for bankruptcy protection, it was the worlds fourth largest bankruptcy filings and largest filing of a U.S industrial company. It was reported that in assets and debt GM filed over 250 billion dollars (Ross, Anders). GM sold shares to help save the company but when stock dropped…

    Words: 1412 - Pages: 6
  • Robert Reich Saving Capitalism Analysis

    detrimental to society. Firstly, they slow down innovation and secondly, the high profits associated with them signal an unsaturated market on the supply side, which would make the total wealth (in commodities) of that society below what it could be if the patent did not exist. Another injustice indicated by Mr. Reich relates to the bankruptcy procedures: through their intricacies, they covertly favor large corporations and creditors over small businesses and the working class. There is no real…

    Words: 1442 - Pages: 6
  • Protected Trust Deed

    The main debt solutions available to residents of Scotland are as follows; Protected Trust Deed. A Protected Trust Deed is an agreement between you and the people you owe money to (also known as your creditors). It works by you agreeing to REPAY A PERCENTAGE of your debt in one affordable monthly payment over a given time (usually around four years). Once you’ve made your final payment, the remainder of your debt is written off. You’ll still have enough money left over to live your life after…

    Words: 1725 - Pages: 7
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