Abstract This paper explores the relationship of debtor and creditor relationships through examining the various repercussions from a single scenario, depending on whether the debtor or the creditor is the party to file bankruptcy.
Abstract Bankruptcy is not an easy process, and the average individual does not possess the knowledge to enter into proceedings on his or her own. The paper argues that professionals should always be consulted as they can determine which bankruptcy is appropriate or whether bankruptcy is necessary at all. The paper also looks at the bankruptcy court, which has been established to protect and assist individuals, companies, and corporations in their proceedings.
Paper Outline
A. Federal Bankruptcy Code
a. Explanation of the Origin
b. Federal Bankruptcy Law
c. Jurisdiction of Courts
B. Chapter 7 Liquidation Bankruptcy
a. Procedure
i. Filing a Petition
ii. Meeting of Creditors iii. Appointment of Trustee
iv. Proof of Claims
b. Automatic Stay
c. Case Dismissal
d. Alternatives to Chapter 7 Bankruptcy
e. Discharge
C. Chapter 11 Reorganization Bankruptcy
a. Why choose Chapter 11
b. Plan of Reorganization
i. Who develops the Plan
ii. Steps in the Plan
c. Discharge
D. Chapter 13 Consumer Debt Adjustment
a. Chapter 13 Eligibility
b. Important Features
c. Filing
d. Automatic Stay
e. Plan of Payment
f. Confirmation of the Plan
g. Discharge
E. Chapter 13 or Chapter 7
F. Rights of Creditors G. Conclusion
From the Paper "If you are living with little income and property you may be "judgment proof". Basically creditors cannot collect because you have nothing for them to legally take. Taking advantage of federal and state debt collection laws that protect a debtor from abusive conduct may stop harassment from creditors. Possibly, a debtor may negotiate with creditors and buy enough time to get back on his or her feet. Creditors may also agree to settle debts for less than is owed. Debtors may seek help from outside sources such as Consumer Credit Counseling Service. Finally, a debtor may pay over time with a Chapter 13 proceeding, which will be discussed in a later section."
Abstract This paper looks at how African writer Chinua Achebe gives the reader insight into the realities of modern African culture and argues that inequality and discrimination can drive a person into committing deadly crimes.
From the Paper The characters play key roles in presenting both sides of the racial discrimination issue in ?The Vengeful Creditor.? The issue can be broken down into rich vs. poor and power vs. impotence. We see a wealthy family who lives in the capitol and drives a Mercedes and whose children attend private school. On the other side, we see a poor black family living in poverty conditions. The story is full of messages and symbols that support the author's argument that inequality and discrimination can lead to acts of desperation in search for equality because the poor "hard luck" characters have nothing to lose and everything to gain.
Abstract A comparison of these two stories which shows how the authors Athol Fugard and Chinua Achebe achieved their subjective variations on the theme of human oppression.
From the Paper "The theme in Master Harold is also the oppression of human beings by discrimination, but in this story, the oppression is racial. Sam, a black man, has been a major male figure in the life of young, white Hally. Hally and Sam were very close during Hally's childhood, but he did not consider the older man to be his equal. Sam cannot sit on the same park bench with the boy because he is black. But during the course of the play, we see Hally pull rank on Sam and put aside their equality because Harold is white and Sam is not. "
Abstract This paper discusses how the right of combination and set-off, as developed under English law offer a number of safeguards to banks and creditors in general. It looks at how these rights were expanded under the principles that they were necessary to effect substantial justice and that they would stimulate economic growth and trade. It suggests that the judicial application of these rights has tended to unfairly favor banks at the expense of the individual customer, which may initially stimulate growth by encouraging banks to provide loans, but in the long term may serve to deteriorate trade, particularly at the international level. It demonstrates how customers in other countries, particularly civil law countries, experience much more risk when they do business with an English bank and hence may be better off refraining from bringing their enterprises there, or at any rate must be extremely careful in drawing up contracts to insist on settlement of disputes in other jurisdictions.
From the Paper "Basically, English set-off allows a creditor to use any money it owes an insolvent debtor to pay off the debtor's liabilities that have become due to the creditor. Thus, when liquidation commences, only the party that had the larger claim is still owed the net balance. Liquidation legally occurs when the company passes a resolution to voluntarily wind up or is judicially wound up. Effectively, eligible creditors (those that meet the mutuality requirement) are positioned alongside secured creditors to the extent of their debt to the insolvent party. Simultaneously, they continue to be placed within the pool of unsecured creditors who (as a result of the speeding of the recovery process for those creditors eligible for set-off, recover a diminished amount themselves) receive dividends on the portion of debt still owed to them by the insolvent party."
Abstract This paper examines the purpose and users of financial statements which can include present and future shareholders, creditors, employees, the government and the public at large. It looks at how the statement of principles focuses the attention of both regulatory authorities and the reporting entities on what it considers to be the main users of financial statements and current and future investors. It also discusses how there is clearly a limit to the amount of information that can be disclosed in a set of financial statements, as too much information would overwhelm users, who would not then be able to find the information relevant to them.
From the Paper "According to the Accounting Standards Board, the Statement of Principles contains the philosophy of what the Accounting Standards Board is trying to achieve through the process of issuing accounting standards, and can be used to some extent as the mission statement of the Accounting Standards Board. In the Statement of Principles, several users of financial statements are identified (Accounting Standards Board 1999). These include present and future shareholders, creditors, employees, the Government, and the public at large. With such a diverse set of users for a company?'s financial statements, it would be very difficult for a set of accounts to successfully satisfy the informational needs of all users fully. This is why the Statement of Principles focused the attention of, both regulatory authorities and the reporting entities, on what it considers to be the main users of financial statements, current and future investors."
Abstract This paper explains how the role of the banks in an economy can be analyzed by using the concept of financial intermediation between debtors and creditors in the economy. It also points out that they can be defined according to the traditional functions of financing, collection of resources and administration of payment methods.
From the Paper "In order to emphasize the role of the banks, it is necessary to accurately place them in the midst of the financial system, as its main component. From a financial perspective, there are, at a general macroeconomic level, two categories of participants with complementary preoccupations: the ones who are in need of financial resources and who wish to procure them and the ones with financing capabilities who desire to efficiently place their capital. The function of the financial system is to represent the interface between agent with surplus and with deficit of resources."
Abstract This paper explains that the Bankruptcy Abuse and Prevention and Consumer Protection Act of 2005 is considered to be the most extensive review of the Bankruptcy Code ever since its inception in 1978. The author points out that, although several provisions, such as general structure of liquidation under chapter 7 and provisions for reorganization under chapter 11 remain as they are, the 2005 Act is considered to have significant impact on the rights and interests of both creditors and debtors in consumer and business bankruptcy cases, which is reviewed in this paper chapter by chapter of the new code. The paper relates that the primary objective of this legislation, which was widely patronized by both banks and the credit card industry, is to discourage bankruptcy filings and to turn some debts not subject to a bankruptcy discharge.
From the Paper "Such reformation in terms of major modifications in the corporate bankruptcy law is expected to lead to a rush to the courts by loosing companies to find out easier treatment. The new bankruptcy law embodying the new creditor protections in the law will make the bankruptcy reorganizations more stringent and also more costly for companies in search of shelter under Chapter 11. The formulators of the Law have made it stringent in reply to the concerns that management has been too fast to use bankruptcy like another financial device to affect creditors and shareholders. The recent impositions on personal bankruptcies attracted the attention but the legal experts opined that new rules could have extensive effects."
Abstract This paper uses the ideas from the book "Getting to Yes" and applies them to a case in which a debtor owes money to a creditor company that it cannot pay,
From the Paper "Amy Siegel is credit manager for Star Computer Components, a manufacturer of printed circuit boards. One of Amy's collectors told Amy that she has been unable to reach anyone at Odyssey Electronics Inc. to discuss a past due balance. Amy reviewed the credit file and found the following information about Odyssey: The debtor company is four years old. It employs eighteen people. A credit report shows Amy's company is one of Odyssey's two largest creditors."
Abstract The paper examines community property law in relation to the separate property of each spouse and the real estate which either spouse acquires. The paper then explains community property versus joint tenancy, the differences in the community property system versus common law marital property system and the community property systems in times of divorce. The paper also discusses the laws of community property with regard to inequities of income splitting, creditors and death of the spouse. The paper shows how community property law promotes equity as well as efficiency but with certain drawbacks.
Outline:
Introduction
Discussion
Conclusion
From the Paper "Everything that a husband and wife possess together falls under Community Property. This normally includes all the debts incurred, money earned and all the property attained during the marriage period. The following are classified as the joint property of a married couple by community property states: (a) any income obtained during the marriage by either spouse; (b) any personal property or real property attained through the income earned during the period of marriage- it includes home, vehicles, appliances, furniture, luxury items, etc; (c) any debts acquired in the course of the marriage. Under the law of community property, everything is owned as well as owed by the spouses immaterial of the fact as to who has spent or earned the income. ("The Ins and Outs of Community Property Law", n. d.)"
Abstract In this article, the writer points out that in bankruptcy cases, the creditors have specific rights that will be honored by the courts provided that certain procedures are followed in the time frame allotted. The writer notes that creditors may share in the distribution of the bankruptcy estate or business as in the case of Bonanza creditors. Further, the writer discusses that the creditors claim against the estate will have a court assigned priority to it which if unsecured and non-wage is generally low.
From the Paper "The lower the priority the less chance that filing a claim against the debtor in the bankruptcy will return any monetary results. Additionally, the creditor may have a claim against the sale of the debtor's non-secured assets after filing the documentation necessary and being prioritized by the court. Finally, the creditor may be subjected to a discharge of the debt at the request of the company, and approved through the court."
Examines provisions and applications of this state's mechanics and materialmen's lien statute related to construction projects, competing interests, priority and court decisions.
2,700 words (approx. 10.8 pages), 5 sources, 1999, $ 95.95
Abstract It is often true that in a bankruptcy case, creditors battle over control of the property of the debtor's estate. Creditors in certain industries have been the beneficiaries of state law in different states that have created special treatment for certain classes of creditors
From the Paper "INTRODUCTION
It is often true that in a bankruptcy case, creditors battle over control of the property of the debtor's estate. Creditors in certain industries have been the beneficiaries of state law in different states that have created special treatment for certain classes of creditors. Industries with the strongest lobbies are usually the beneficiaries of such special protection, and the construction industry lobby has been particularly diligent in securing such benefits for suppliers of goods and services on construction projects for the improvement of real property. The traditional form of protection is the mechanics of materialmen liens granted under state law, but the procedure for the creation and perfection of mechanics and materialmen liens varies from state to state and can be very technical. Each state ..."
Abstract This paper first explains that Chapter 11 of the Bankruptcy Reform Act allows the petitioning corporation a chance to negotiate its debts with its creditors and to formulate a plan for reorganization that will allow it to fulfill its obligations. Next, the author relates the way that Enron used Chapter 11. In a credit nation, such as the United States, the paper concludes that it is very important to protect creditors' claims as well as debtors' rights to maintain the agreements and transactions, which make up the economy.
From the Paper "The findings of the Enron scandal were extremely complex, to the point that it is difficult to discern their legality. In 1992, president of Enron's trading operations Jeff Skilling managed to persuade federal regulators to permit the company to make use of "mark to market" accounting methods, a technique that is usually exclusive to trading and brokerage firms. This method allowed the company to figure the value of contracts yet to be collected into its profits, thus inflating the books."
A description of West German attempts to open political and economic relations with Eastern Europe brought about by the Soviet invasion of Czechoslovakia.
1,240 words (approx. 5 pages), 2 sources, 2001, $ 42.95
Abstract This paper deals with the Soviet invasion of Czechoslovakia. The author examines the historical relationship between West Germany and the former Soviet Union from the Cold War period. The paper discusses the opening of economic ties between West Germany and the rest of Western Europe.
From the paper:
"The war in Vietnam greatly increased US government spending on weapons and other supplies, the demand for which American industry could not fully meet. To fill the rest of the orders, the US turned to the other Western industrialized countries, in many cases West Germany and Japan. This increased spending helped jumpstart the economies of these countries, moving both West Germany and Japan from debtor to creditor nations as they achieved large trade surpluses. As it grew more powerful economically, West Germany took a more independent path politically."
Tags: cold, invasion, oestpolitik, states, union, united, war, west, industrialization, money, finance, reform, control
From the Paper "Traditionally, managers are responsible to a company's board of directors, and the board of directors are responsible to the shareholders. This has resulted in a bias among managers toward returning value to shareholders to the exclusion, or at least detriment, of others who have an interest in a company's performance. In recent years, companies have begun to recognize that shareholders constitute only one group of people with an interest in not only the so-called "bottom line" performance, but also in how a company conducts business. Employees, vendors, customers and the communities in which companies operate have all succeeded in having their voices heard (to some degree) at various companies, which has resulted in a new term to describe these groups: stakeholders. This research examines the question of how much responsibility..."
