The Bankruptcy Process Essay Project
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
The Bankruptcy Process Essay Project
ADM-477: Business Law
I can provide book link.
Getting Started
Due to the economy, Belinda can only find part-time work in retail. She earns $24,000 per year and has close to $165,000 in car loan, credit card, and student loan debt. The car dealership where she purchased her car is threatening repossession because she is several months behind in her monthly payments. Belinda is overwhelmed and would like to know about the pros and cons of filing for bankruptcy.
Bankruptcy may be a viable solution for Belinda and other consumers like her who are overwhelmed with unmanageable debt. Bankruptcy could give Belinda a chance to address her debt in an organized and manageable way. Alternatively, it may give her a fresh start by wiping her clean of debt. However, Belinda should take into account the long-term financial implications of a bankruptcy filing because it can remain on her credit report for as long as ten years. After a bankruptcy, Belinda may have difficulty securing loans for a vehicle or other consumer goods. If she does manage to secure financing, the interest rates will be very high due to her bankruptcy record.
Belinda must also consider that bankruptcy does not easily discharge all types of debt. Absent extreme hardship, Belinda’s student loan debt cannot be discharged in bankruptcy. In the event that Belinda’s student loan debt is discharged, she may still have to pay taxes on the cancelled debt because it is considered taxable income. Student loan providers report any borrower whose debt forgiveness is more than $600 to the IRS. Unless Belinda was insolvent at the time she requested the debt forgiveness, she’ll have to pay the tax bill.
Whatever route Belinda takes, she must balance the pros and cons of her decision. Bankruptcy is a serious matter with long-term consequences.
Upon successful completion of the course material, you will be able to:
Explain bankruptcy law.
Resources
Textbook: The Legal Environment of Business
Video: Bankruptcy Basics
Video & Transcript: NHL Defenseman Johnson Filing for Bankruptcy
Website: United States Bankruptcy Courts
Background Information
Federal bankruptcy courts enforce the U.S. Bankruptcy Code. The Bankruptcy Code sets forth the rights and obligations of debtors and creditors in bankruptcy proceedings. State laws also allow for certain property exemptions under the Bankruptcy Code.
Bankruptcy proceedings fall into the following categories:
Chapter 7 Bankruptcy: Chapter 7 is also known as a “liquidation proceeding” because the debtor is obligated to disclose all property (bankruptcy estate) and surrender it to the bankruptcy trustee. The trustee decides what property the debtor can keep and what property to sell and/or distribute to creditors.
Chapter 11 Reorganization: A Chapter 11 reorganization plan is available to both individuals and businesses. It does not involve liquidation of debt. The business reorganizes its debt and continues to operate in the hopes that the creditors will be repaid. The bankruptcy court must approve the repayment plan.
Chapter 12 Bankruptcy: Chapter 12 is available only to family farmers and fishermen with regular income. State bankruptcy exemption law can impact whether or not a debtor can keep his/her farm equipment. For example, in Minnesota, a debtor must be principally engaged in farming or show an ongoing history of farming close in time to the bankruptcy petition. Otherwise, no exemption for farm equipment is allowed.
Chapter 13 Bankruptcy: Chapter 13 is also known as a “wage earner’s” plan. It allows individuals with a regular income to repay all or part of their debt within three to five years. It has strict eligibility requirements. For example, the debtor must owe less than a specified amount of debt, depending on the type of creditor.
Instructions
Review the rubric to make sure you understand the criteria for earning your grade.
In your textbook, The Legal Environment of Business, read Chapter 13, “Negotiable Instruments, Credit, and Bankruptcy.”
View the video “Bankruptcy Basics – Part 2: Types of Bankruptcy.”
View the video “NHL Defenseman Johnson Filing for Bankruptcy.”
Transcript for the “NHL Defenseman…” video.
Under bankruptcy law, a business has the option of seeking to liquidate its debt or to pay off creditors through reorganization. Using the United States Bankruptcy Courts website, research Chapter 7 and Chapter 11 bankruptcy.
Navigate to the threaded discussion and respond to the following prompts:
In your own words, explain how Chapter 7 and Chapter 11 bankruptcy procedures differ.
Explain the source of bankruptcy law and indicate whether state or federal courts have exclusive jurisdiction over bankruptcy cases.
Your initial post is due by the end of the fourth day of the workshop.
Read and respond to at least two of your classmates’ postings, as well as all instructor follow-up questions directed to you, by the end of the workshop.
Your postings should also:
Be well developed by providing clear answers with evidence of critical thinking.
Add greater depth to the discussion by introducing new ideas.
Provide clarification to classmates’ questions and provide insight into the discussion.
Be posted on three different days during the workshop.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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