Clarifies the United States bankruptcy law or code, which is often misunderstood as a suitable way to bypass overwhelming financial responsibilities.
Written in 2009; 1,420 words; 3 sources; APA; $ 47.95
Paper Summary:
This paper explains that the United States bankruptcy law is designed with certain protections for individuals and organizations against aggressive or excessive pursuit of debt by creditors. The paper first describes different types of bankruptcy, which are taken to ensure that business bankruptcies are treated with greater flexibility, as defined in chapters 7, 11 and 13 of this code. The paper also discusses the abuses of bankruptcy laws in which Chapter 11 filing is used to allow embezzling executives to abscond with pension plan debts, health insurance plans, stockholder shares, and other debts, as seen in the cases of Enron and Tyco.
From the Paper:
"The collateral of one's earnings can help to prevent the aggressive pursuit of debts or the foreclosure on one's home. Much to this point, we can see that in the rash of foreclosures marking the current real estate bubble burst there are a great many individuals whose limited to non-existent income has prevented them from receiving protections against said foreclosure. And as an important point of fact, with the Chapter 7 form of filing which is reserved for those of the most modest means--which should naturally include scores of the Americans who have been disenfranchised during the foreclosure crisis--there is an underlying issue that courts reserve the right to even dismiss without hearing such cases."
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