Bankruptcy In The United States Bankruptcy Court

Bankruptcy In The United States Bankruptcy Court
Bankruptcy is a process that allows consumers and businesses to eliminate or repay debts under the
protection of the federal bankruptcy court. An individual might file for bankruptcy because he/she
has lost his/her job and can no longer pay his/her financial obligations. A business may file for
bankruptcy because it has borrowed money that cannot be repaid due to the business failure. There
are basically six bankruptcy chapters an individual or business can file. These chapters are 7, 9, 11,
13, 12, and 15. Chapter 7 bankruptcy lasts three to six months, and can include property liquidation
or secured debt. Property liquidation means some of the individual's property may be sold by an
appointed trustee to repay the debt. However, ... Show more content on Helpwriting.net ...
Harris v Mary K. Viegelahn, Chapter 13 Trustee. Petitioner Harris had filed a Chapter 13 bankruptcy
petition because he was behind on his mortgage payment to Chase Manhattan in the amount of
$3,700, plus he owed multiple other creditors. After filing the petition, he filed a repayment plan,
which was approved by the Court, stating he would resume making monthly payments to Chase
Manhattan and that $530 a month would be withheld from his wages and remitted to the Chapter 13
trustee, Viegelahn. Viegelahn would then make the payment to Chase Manhattan and Harris's other
creditors (SUPREME COURT OF THE UNITED STATES, 2015). After Harris again failed to make
his mortgage payments, Chase Manhattan foreclosed on his property. Trustee Viegelahn continued
to receive $530 a month from Harris' wages, which accumulated to $5, 519.22, but did not make any
payments earmarked for Chase because of the foreclosure. About a year after the foreclosure, Harris
converted his case from Chapter 13 to Chapter 7. Ten days after the conversion, Viegelahn
distributed the accumulated money to Harris' creditors and paying herself $267.79 for fees
(SUPREME COURT OF THE UNITED STATES,
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Essay about Economic Downfall: State Bankruptcy
The economic downfall that has forced the country to fall in a frenzy of panic has caused a definite
problem for states. States have had to make budget cuts from left to right trying to stay afloat with
many inconvenient necessities. In the history of the United States of America there have only been a
handful of bad economic times that can be said to have brought a storm of chaos with it. The one
commonly known is the Great Depression, but in the previous recent year our economy has taken a
blow that has forced a couple of municipals to file for bankruptcy. Technically a state cannot file for
bankruptcy because it is recognized by the Constitution as sovereignty, but cities or municipals in
states can accord the Bankruptcy Code Chapter ... Show more content on Helpwriting.net ...
The Supreme Court maybe required, by Congress, to vote expeditiously. Orange County, California
is one of the highest known municipal to file for bankruptcy. In 1994 Orange county filed for
bankruptcy in order to prevent losing bond investments. Between the years 2010–2012 there were
30 municipals that have filed for bankruptcy. The municipals have come to the conclusion of
considering filing for bankruptcy because of the accumulation of public pensions that have been
growing exponentially, high salary, benifit costs, and the low tax revenues. On the opposite end of
the specctrum, there are many states in uproar that think filing for bankruptcy would be against the
law or unconstitutional. The states against the filing of bankruptcy think that doing so would have a
negative effect on the bond market. According to the Pew Center on the States these public pensions
are said to be $1 trillion. In a study it was estimated that the aggregate debt for the U.S. was $4.17
trillion in the year 2012. When Central Falls, Rhode Island filed for bankruptcy it faced a large
opposition from the state leaders, but Central Falls had already been approved for bankruptcy.
Central Falls appointed retirement costs as the major factor of its financial problems. The plan for
reorganization was strict. The plan cut up to 55% of the pensions for workers who retired at the
youngest age possible. That cut forced the state to grant Central Falls

Bankruptcy And Bankruptcy
In this paper I will attempt to discuss the some of the different types of bankruptcy. There are
currently many different types of bankruptcy chapters within the Bankruptcy Code. The Bankruptcy
Code is the set of federal laws that governs all bankruptcy cases in the United States. The Code can
be found under Title 11 of the United States Code. It is divided into several Chapters. The first three
Chapters (1, 3 and 5) deal with the general bankruptcy rules and procedures, the chapters that deal
with bankruptcies are; chapter 7, 9, 11, 12, 13 and chapter 15. I will go on the discuss chapters 7, 9,
11 and 13 and I will focus on terms and qualifications of these types of bankruptcy. To better inform
my audience on the types and terms of bankruptcy they must first know the definition of
Bankruptcy; Merriam Webster defines this as a condition of financial failure caused by not having
the money that you need to pay your debts. Debt is defined by an amount of money that you owe to
a person, bank, company, etc. Types of Personal Bankruptcy. Introduction There are many different
types of bankruptcy one can file for and the type of bankruptcy one chooses to file is contingent
upon two things: Your income and your assets. Your income is imperative because it may prevent
you from filing a simple Chapter 7 case, and your assets are important because if you have
nonexempt property, you might lose it in Chapter 7 bankruptcy, but you can protect it in Chapter 13
bankruptcy. This paper is

Research Paper on the Recession of 2007-2009
| Research Paper on the Recession of 2007–2009 | Cynthia Funes | | American Government 2301 |
9:40–11:40 A.M. | Mr. Jacobs June 28, 2011 | Everybody in the United Stated was affected by the
recession that began in December of 2007 and spanned all the way to June 2009. Even though the
recession is over, many people are still being affected by it and have still not been able to recover
from the great recession. "The recent recession features the largest decline in output, consumption,
and investment, and the largest increase in unemployment, of any post–war recession". Many people
lost their jobs due to the recession and some of them are still having a hard time finding jobs and
getting back on their feet. Businesses ... Show more content on Helpwriting.net ...
benefited from such a tragedy. Another company that filed for bankruptcy due to the recession was
Flagship Global Health. Flagship Global Health was a "membership–based specialty healthcare
management and patient advocacy company" in the United States that filed for bankruptcy in
August of 2008. Flagship Global Health filed for bankruptcy stating that it could not "file its
quarterly financial report by the deadline because it did not have the financial resources to do so".
Also, KB Toys Inc. filed for bankruptcy early December of 2008. The eighty six year old company
filed for bankruptcy because of a sudden downfall on sales. It wasn't the first time that KB Toys
went into bankruptcy. Three years pervious, KB had closed 1,200 of its stores. Many more
companies in the United States went through this like "Circuit City, Linen N' Things, Mervyn's, Pier
1 Imports, Sharper Image, KB Toys, Tribune, Saab, and Lehmann Brothers". Some of them went
under bankruptcy protection and recovered while others did not. Bankruptcy in companies, big or
small, was a very important issue that the recession caused. Like stated in the introduction, the Great
Recession affected all the economic classes; the lower, middle, and upper. Of course, the lower and
middle classes were affected a lot more by it than then upper class was. The recession affected the
lower class very much. Many people were left unemployed and were unable to provide for their
families.

Legal Issues Always Be A Problem
Legal issues always seem to be a problem when it comes to dealing with the government and its
investments. Trusting the government to do the right thing with the tax payers money is a viable
concern for all of the citizens of the United States of America. To garner that trust the government
began pushing for ways to lower every day energy cost, such as the use of solar energy. The
Solyndra issue is just one example of the incompetence and strong arm attempts that the government
imposes which typically lead to legal ramifications. Furthermore, in the case of Solyndra, it was not
a democrat or a republican issue. This issue lied in the hands of both political parties. Considering
the importance that the government placed on green energy and ... Show more content on
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Solyndra is a company that was founded by Christian Gronet in 2005 which specialized in the
creation of solar panels to help minimize the overall energy cost of the United States. It was founded
on the perception that lightweight, high–efficiency thin–film solar panels in a unique tubular design
could compete with other companies that use silicon–based flat panels. Solyndra was able to win
over the likes of some of the most powerful people in the United States such as the Walton Family
and George Kaiser. Considering the political backing the company was able to attain and the
direction in which the country was heading when it came to conserving energy, Solyndra seemed
like a poster child (of sorts) for the United States government. Furthermore, Solyndra was also
supposed to be used as one of President Obama's "good news" stories when it came to his plan to
create more jobs in the United States. According to Antle (2012), "Solyndra received a $573 million
loan guarantee from the federal government. It was considered the first major "public investment" of
its type in alternative energy by the Obama administration" (Antle, 2012). Unfortunately, Solyndra
went bankrupt in September 2011 and laid off all of its employee's, setting the stage for a legal
showdown of epic proportions.
Days after Solyndra filed for bankruptcy the Federal Bureau of Investigations raided the
headquarters of Solyndra and the homes of many of its senior executives.

The Importance Of Health Care In The United States
Have you ever wonder maybe the United States health care will be rising again? Some of us might
think that the health care would bring costs down and increase access to care. Other people would
think that it would be too expensive and would reduce the quality of care. Health care can be a
financial burden to the people. People are going to think that it will be fine if the health care increase
but what they don't know is how much money the money the United States are going to spend for
the health care people.
Some of the people would say that health care would bring costs down. Uninsured people are less
likely to receive medical care and more likely to have poor health status. The cost of poor health
among uninsured people was almost $125

Benefits And Benefits Of Pension Pensions
Pension, a regular payment made during a person's retirement from an investment fund to which that
person or their employer has contributed to during their working life. After retirement a retiree
depends one their pension as a source of income. Hundreds of thousands of Americans who have
spent their lives working hard to support themselves and or their families for years have gotten their
pensions either cut or completely taken away. There are a variety of negative effects for pension
recipients when pension plans given by employers go broke or pensions are cut entirely and why it
is crucial for employers to follow through with their promises of a wholesome pension. These
negative effects range from retirees' lack of or no medical care, ... Show more content on
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Over twenty thousand of these pension recipients are retired fire fighters, police officers, and many
other public servants who spent years of their lives helping the city and did not pay into Social
Security. Many retirees like Mr. Larry Newberry, a retired firefighter said, "I put my money into our
pension fund and was promised it would be there by law when I retired. I sucked up smoke and put
my life on the line every day I went to work and have the injuries to prove it. The least the
government can do is stand by Michigan law." [The State of Michigan Constitution states that public
pensions "shall not be diminished or impaired."] Potentially having to move out of his home to a
trailer Newberry says that he does not need the money for himself but for his seven grandchild who
he wanted to help pay for college. All he wanted was just to help put his seven grandchildren
through college but now he cannot with the deep pension cuts. Now retired U.S. Bankruptcy
Judge Steven W. Rhodes, the presider over Detroit's bankruptcy says he feels "deeply concerned"
about the unfunded pension liabilities. Rhodes has even said that Detroit and many other cities need
to consider transitioning employees to 401k retirement plans. Though he ruled that municipal
pensions are protected by the state constitution but are still vulnerable

Does The Bankruptcy Trustee Monitor Your Bank Account?
Does the Bankruptcy Trustee Monitor My Bank Account? When you file bankruptcy, whether it be a
Chapter 7 or Chapter 13 filing, the bankruptcy trustee plays a big role in the process. Once you and
your bankruptcy attorney have filed a successful bankruptcy petition, the bankruptcy court assigns a
bankruptcy trustee who will be charged with executing your estate. In a chapter 7 bankruptcy the
trustee will sell your non–exempt property and use the proceeds to pay back your creditors. In a
Chapter 13 bankruptcy case, you make one monthly payment to the trustee who then devise it up to
your creditors according to the payment plan that the court approves. Anyone filing bankruptcy must
be completely honest and forthcoming about their accounts, assets, money, and property. You cannot
hide or get rid of money or property before or during a bankruptcy without getting it approved by
the trustee and courts. A bankruptcy attorney will be able to explain this to you in greater detail and
offer you advise on property that you do want to get rid of. There may come a time during your
bankruptcy proceedings, typically in a Chapter 13 bankruptcy since they last longer, that you come
into some unexpected money. Should you report this extra income to the trustee? Another question
is, will your trustee already know by monitoring you're checking and savings accounts? In the
majority of cases the trustee does not track your bank accounts after filing, especially if you have a
bankruptcy lawyer

Chapter 7 Bankruptcy
The loss of your job, a change in your income, an unexpected emergency or any other number of
factors may cause your, or others in Tennessee, to struggle with debt. If you are dealing with
financial challenges, then you may have considered filing bankruptcy. Sometimes, however, it can
be difficult to know if Chapter 7 bankruptcy is the right option for you. Not everyone qualifies for
Chapter 7 bankruptcy. Therefore, filing for this type of protection is only a good option for you if
you meet the eligibility requirements. Among other qualifications, your income must be under the
state median in order to file Chapter 7 bankruptcy, according to the United States Courts. If your
income is over the median, you may still qualify if you are able

United Airlines Financial Analysis
When it comes to airline financial information there is much available. One of the companies with a
very long and storied history of financial success has to be United Airlines. This is a company that
has been around since 1926 and claims to be the oldest commercial airline in the United States. Any
company that has been in existence for 89 years is obviously successful financially but has also
weathered through some lean or troublesome times, and United is a gleaming example of this. For
this report covering a company with such a long history it would be beneficial to focus in on a
specific time in its history, therefore the last 15 years will be discussed. Prior to September 11, 2001
United Airlines was one of the most profitable airlines

Abstract. Access To Credit Has Increased Dramatically Since
Abstract Access to credit has increased dramatically since the late 20th century. Changes in
technology and banking regulation increased competition and efficiency during this time period.
Thus, more Americans had the ability to make purchases on credit. Bankruptcies increased during
this same time period as well. It is arguable that increases in bankruptcy were related to increases in
credit spending. This paper will exhibit research that supports the claim of increased credit access
and bankruptcies in America. The goal of this paper is to examine whether or not personal finance
should be taught in schools in the United States; or if it would be more beneficial to allow schools to
focus on "core" education and leave personal ... Show more content on Helpwriting.net ...
Once payment in full was received, the consumer took the goods home. Thus, if the consumer did
not have the money, they could not purchase the goods. However, during the boom of the late 1990s
the number of households with a credit card was significantly higher. In 1998 the number reached
68% (Durkin, 2000). By the late 1990's, any college kid with the hope of becoming an educated
contributor to the workforce could get a credit card with at least a $1000 limit. Personally, my first
credit card had a $1000 limit and did not require my parents to co–sign. I got it in 1996 as a
freshman in college. Over time, that situation has changed as a result of the "Great Recession."
There are more stringent regulations around young people and access to credit, but does that mean
that personal finance education is no longer important? Young adults may have to wait a little longer
to get access to credit, but they will eventually have access either through credit cards, car loans,
mortgages, or even "rent–to–own" style purchases. Access to Credit During a period leading up to
2005, significant changes were occurring in the credit markets. Two of the most important were the
changes in technology for

Disadvantages Of Bankruptcy
These are the five types of Bankruptcy that an individual or an organization can file for in the
United States of America, which all fall under the U.S Bankruptcy Code. They all protect the
organization and the individuals against creditors that are willing to retrieve their debts by any
means. They also give the time and the opportunity to the debtors to reorganize themselves and their
assets so that they can pay back their debts. It also gives the opportunity to organizations to stay in
business and continue working while following the bankruptcy process. However, one downside of
filing for bankruptcy is how expensive it is, especially for individuals who can end up spending all
their income on it. The second downside is how complex filing for bankruptcy is. In the United Arab
of Emirates, a new bankruptcy law has just been issued under the federal decree number 9 for 2016.
The law provides several ways for organizations to avoid bankruptcy which can lead to the
liquidation of assets. The bankruptcy law now focuses more on restructuring, protective
composition, and insolvency which will allow organizations to have a bigger chance work with
creditors to construct a payment plan that will help the debtor pay their debts through installments
within the time designated. This law is completely ... Show more content on Helpwriting.net ...
Investors asked for the reformation of the law because their companies ran into financial problems,
and they were unable to reconstruct and stay in business. The law applies to companies that are
created under the commercial company laws, companies that are owned by the government, and
companies that are developed in the free zones of the UAE. This means that the new bankruptcy law
does not apply on DIFC registered companies or the Abu Dhabi Global Market. The law is already
published in the official gazette of the United Arab Emirates and is already being

Chapter 9 of the Constitution: Bankrupcy
In order to fully understand the complex issues underlying a Chapter 9 bankruptcy, it is necessary to
comprehend the unique United States constitutional challenges to municipal bankruptcy. The main
constitutional issue can be boiled down to a clash between State sovereignty over its municipal
entities as protected by the Tenth Amendment, and the necessity of a federal bankruptcy system.
Any power asserted by a federal bankruptcy court over a State municipality can, if taken too far,
interfere with the State's constitutional right to control its municipality. It is this clash of State
sovereignty and federal bankruptcy power that is the essence of Chapter 9's unique construction.
Under the United States Constitution, any valid bankruptcy system must be federally enacted. Two
separate provisions of Article I necessitate this conclusion. Article I, Section 10, Clause 1 of the
Constitution prohibits any state from passing, ". . . any Bill of Attainder, ex post facto Law, or Law
impairing the Obligation of Contracts, . . . ." No bankruptcy system can realistically exist without
the ability to impair the obligations of contracts. The entire purpose of a bankruptcy proceeding is to
allow a financially distressed debtor to discharge its debt obligations after paying off as much of its
debt as possible. A large majority of a municipal debtor's debt will come from some contractual
obligation that the States are explicitly prohibited from impairing. Therefore, Article I, Section

The Prevalence Of Bankruptcy And The United States Health...
The prevalence of bankruptcy's filed due to health care costs has become increasingly common.
American's specifically are paying substantially with their wallets for even routine care. The costs of
health care are unremittingly rising and becoming out of control for even the average family to
afford. Concurrently, other parts of the world are giving more accurate and efficient health care for
minimal cost. Undeniably, the United States needs health care reform, because health care
conditions aren't departing and simultaneously the American people are being taken advantage.
Humans require health care as a basic necessity, quickly, efficiently, and should be able to
participate regardless of wealth or status. Government intervention in the form of universal health
care, wellness programs, and price caps would allow for greater efficiency in a system suffering
from inflated prices and convoluted bureaucracy. The first question that comes to mind, that we
should ask ourselves, is in regards to the actual assessment of the United States health care. A
private organization named The Commonwealth Fund gives us an objective view of international
health care excellence. The Common Wealth Fund rates countries by quality using indicators such as
effective care, safe care, coordinated care, and patient–centered care. Eleven wealthy nations are
studied in the report from 2010–2014 that includes Australia, Canada, France, Germany, the
Netherlands, New Zealand, Norway, Sweden,

Universal Healthcare in America
The United States having universal healthcare
Michelle Garbarino
Eng 122
James Meetze
February. 25, 2013
Should the United States have Universal Healthcare?
The question of Universal Healthcare in the United States has valid and non valid arguments with
supporters on both sides of the issue. Millions of Americans do not have affordable health care
insurance. The main question is who is responsible to provide this? Is it feasible for government to
pay for the lack of health care by taxpayer's dollars? Should you be responsible for yourselves or
should you be compensated by the government? Unemployment is at record high making health
insurance less attainable or affordable than ever. In most cases, additional restrictions or ... Show
more content on Helpwriting.net ...
Healthcare should be a right for all U.S. citizens because not only would it drastically lower costs
from the current healthcare system for both the individual and the government, but also greatly
improve healthcare rankings and satisfy the majority of the population. By expanding coverage to
all U.S. citizens, universal healthcare would significantly lower healthcare costs for both the
individual and the government. Without a doubt, something should be done to fix the current
healthcare system; it is just a matter of what should be done. Over the past several years, the cost of
healthcare in the U.S. has risen significantly and does not seem to lower, surpassing "$2.2 trillion in
2007". Universal Health Care is a "Social Program", not "socialized medicine"; under Universal
Health Care, one can choose any doctor(s) or public hospital (A "private" hospital, even in the
U.S.A. today, is just that. A hospital that is exclusive to the general population according to the
wealth and contacts of an individual. There is no "out of network" doctor, hospital or medical
facility in the program.
However, the same lack of restrictions applies. In any case, approximately 85% of the populations
having Universal Health Care are very happy with the system. A much, much higher percentage

Insurance
In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife,
children or servants were forced into "debt slavery", until the creditor recouped losses via their
physical labour. Many city–states in ancient Greece limited debt slavery to a period of five years and
debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of
the debtor could be retained beyond that deadline by the creditor and were often forced to serve their
new lord for a lifetime, usually under significantly harsher conditions.
In the Torah, or Old Testament, every seventh year is decreed by Mosaic Law as a Sabbatical year
wherein the release of all debts that are owed by members of the ... Show more content on
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The Joint Stock Companies Act 1844[9] allowed people to create companies without permission
through a royal charter. Companies had "separate legal personality", the ability to sue and be sued,
and served as an easy mechanism for raising capital through the purchase of shares (an equitable
title) in the company's capital. The Act's corollary, to bring the existence of these "legal persons" to
an end was the Joint Stock Companies Winding–Up Act 1844. The Limited Liability Act 1855
produced a further innovation. Before, if a corporation had gone broke, the people that lent it money
(creditors) could sue all the shareholders to pay off the company's debts. But the 1855 Act said that
shareholders' liability would be limited to the amount they had paid in their shares. So if you had
invested £100 in a company, but now the company owed millions of pounds, the creditors could not
come after you for the debts. You would lose £100 and no more. Your liability to pay debts was
limited to the value of your shares. The Joint Stock Companies Act 1856 consolidated the
companies legislation in one, and the modern law of corporate insolvency was born. Finally, the
Bankruptcy Act 1869 was passed allowing all people, rather than just traders to file for bankruptcy.
Debtors' prison, Fleet Prison, Marshalsea Prison, King's Bench Prison, Debtors' Act 1869
Charles Dickens, Hard Times, Mr Micawber in David Copperfield
Modern development[edit]
United

Chapter 13 Bankruptcy Essay
Bankruptcy
Bankruptcy is a legal way in which a business is liquidated in an event where the business is unable
to pay it's debts from its current assets. Hence bankruptcy makes it possible for businesses,
individuals and couples that cannot pay up their debts be exempted from repaying part of the debt or
all of the debt. There are rules, laws and procedures for filling bankruptcy, in the united states it is
governed by the federal law, states are not allowed in legislating in this aspect of law.
However there are two parties involved in bankruptcy filling namely the debtor and creditor, the
debtor is party who incurred the debt or the party that owes money to the creditor, while on the other
hand the creditor ... Show more content on Helpwriting.net ...
Prevent foreclosure, it saves debtors homes from foreclosure.
Allows the debtor to make monthly payment based or his budget for the month. Hence chapter 13 is
flexible because it allow individual to pay what they can afford.
Credit report is shown for seven years.
Payment term is extendable under chapter 13
It gives provision whereby interest rates on a particular loan can be reduced
Chapter 13 can be filled as soon as chapter 7 is fully discharged
It protects third parties (co–signers)
Disadvantages of chapter 13 bankruptcy
Chapter 13 bankruptcy will be displayed on your credit report for seven years
Legal fees could be expensive
Lending huge sum of money will not be easy because creditors is likely to question your credibility.
Who Can File for Chapter 13
Bankruptcy?
For a debtor to be able to file for chapter 13 bankruptcy he or she must meet up to chapter 13
bankruptcy. According to the chapter 13 bankruptcy code a debtor must meet the following
requirement to be eligible.
You are not a business entity.
You are not barred by a prior bankruptcy.
A previous bankruptcy case was not dismissed within the last 180 days.
You debts are not too

Bankruptcy Act Of 1898
Bankruptcy is a legal process established under the United States Constitution and federal law that
allows consumers and firms that are unable to pay their debts to eliminate, or discharge, these legal
obligations to repay many types of consumer and business debts thereby receiving a financial "fresh
start" for the future (Filing bankruptcy, 2016). The history of bankruptcy dates to ancient Rome and
the term "bankruptcy" was coined pursuant to Roman law and commercial practices of the day
(Fitzpatrick & DiLullo, 2012). The term originated as a result of ancient Roman merchants
conducting their business affairs in a public forum on a prominently placed bench known as a
"banca"; in the event these merchants were unable to pay their theirs, Roman ... Show more content
on Helpwriting.net ...
In this regard, Ayotte and Skeel (2010) conclude that, "Bankruptcy has proven to be an adequate
mechanism for handling the former choice, and it is flexible enough to accommodate the latter" (p.
470). In sum, then, although the optimal time for filing a chapter 11 bankruptcy petition will depend
on the unique circumstances of the firm that is involved, filing before the firm becomes too severely
financially distressed appears to be the superior alternative to filing later. Causes of bankruptcy
Although a fundamental lack of money is the essence of most types of bankruptcies, there are some
common causes as well. For instance, Krulick (2016) reports that, "Chapter 11 is used primarily by
larger companies that want to continue doing business throughout the bankruptcy process and after
it is completed" (p. 3). In addition, even some solvent firms may elect to seek the shelter of a
chapter 11 proceeding to allow them sufficient time to reorganize (Krulick, 2016). Some of the
common causes of consumer bankruptcies include the following: Debtors who are unable to pay
their various creditors after meeting their monthly household expenses, such as rent, food and
utilities; Debtors being sued by a consumer creditor on a defaulted credit card, installment or
personal loan; Debtors threatened with the loss of income or property, such as a wage garnishment
or automobile repossession;

Health Care Debt Is The Leading Cause Of Bankruptcy Of The...
Health care debt is the leading cause of bankruptcy in the United States (Factcheck.org). Our
privatized system has failed the chronically ill population of our country. The political climate that
we currently have for these issues is not addressing these issues at an appropriate pace. Health care
in the United States is the most expensive in the world, and health care inflation is increasing the
fastest in the world (Reid 9). As of 2005, the United States health expenditure as a percentage of
GDP is fifteen point three percent (Reid 9). We currently have a system where health care costs are
increasing faster than wages, and this has been going on since at least 2000 (Starr, 161). We lead the
world in health care spending, and this is a hemorrhage that needs more than a bandage. Some of the
other problems we face in this country are access to care, quality of care, and efficiency of care. In
this paper, I will dive in to the reasons why we have these problems, and I will analyze both sides of
the argument of reform. The two major political parties in the United States have very different
types of solutions for these issues. I will dissect each of these approaches, and explain what works
about each sides approach, and what does not work about each sides argument. I will also discuss
the current US social programs that work, and explain how they work. We need congress and the
president to act in cooperation to solve these issues. Our convoluted

Jaffe V. Samsung Elecs
Jaffé v. Samsung Elecs. Co.
Qimonda AG, a German semiconductor manufacturer, had patent cross licenses with many of its
competitors. Such licenses, in industries like electronics, allow parties in effect to have a truce with
respect to patents, so that they may proceed their respective businesses. Qimonda file bankruptcy
and ceased operations, so no longer needed the protection of the cross licenses. Rather, it terminated
the licenses under German bankruptcy law, to replace them with licenses under which it would
receive royalty payments. Qimonda filed a chapter 15 bankruptcy proceeding in the United States, to
do the same with its American licenses. The representative "committed to re–license Qimonda 's
patent portfolio to the Licensees at a reasonable and nondiscriminatory ("RAND") royalty."
However, the American courts held that US bankruptcy law did not allow licenses. Chapter 15 of the
Bankruptcy Code allows the representative of a foreign bankruptcy proceeding to file an ancillary
proceeding in the United States. It also allows broad recognition of orders entered in the foreign
bankruptcy proceeding. But the recognition is subject to certain safeguards. The US bankruptcy
court may refuse to apply the foreign order if "the action would be manifestly contrary to the public
policy of the United States." In addition, the court must ensure that "the interests of the creditors and
other interested entities, including the debtor, are sufficiently protected."

Enron : The United States Bankruptcy Code
In 2001 Enron was famous throughout the business world and was known as an technology
powerhouse, and a corporation with absolutely no fear. The unpredicted fall of Enron in 2001
shattered the lives of their employees and the people who believed that their greatness was genuine.
It is said the fall of Enron was followed by some revelations on how they may have manipulated
their way to the top.
Enron was at one time America 's seventh largest corporation. Enron fooled the world by portraying
to be a steady company with good revenue but at the end we all seen that was not the case.
Surprisingly large parts of Enron profit were made of paper. This was made possible due to traders
and executives who were corrupt. Having deep debt and hiding ... Show more content on
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This made the company attractive for top graduates out of the best universities across America,
which gave the company more competence and a big urge to strive forward. Enron employees were
partly paid in stocks so increasing the stock price became a main interest.
In 1990, a man named Jeffery Skilling joined Enron Corporation and in 1997, he was appointed as
the company 's Chief Executive Officer. Mr. Skilling demanded to change Enron 's accounting
system from a straight forward kind of accounting were Enron had listed actual revenue and costs of
supplying and selling gas to the mark–to–market accounting system.
These estimations were based on the future net value of the cash flow; costs related to the contract
were often hard to figure out. This means that the estimated incomes from projects were included in
all of Enron 's accounting even though the money was not received and if there were any it would
show up in future periods. Investors were given misleading information because of the deviation in
the estimations. Enron was the first non–financial company to use the mark–to–market method. The
U.S. Securities and Exchange Commission gave Enron their approval to use the method on January
30, 1992. Enron 's purposed the entities were going to be used to dodge the traditional accounting
conventions but also so they could hide debts. The entities made it possible for Enron to mislead,
hide its

United States Bankruptcy Law and Java Methods Answers
Java Methods Second AP* Edition – with GridWorld Object–Oriented Programming and Data
Structures Answers and Solutions to Exercises (for students ) Maria Litvin Phillips Academy,
Andover, Massachusetts Gary Litvin Skylight Software, Inc. Skylight Publishing Andover,
Massachusetts *AP and the Advanced Placement are registered trademarks of the College Entrance
Examination Board; their use does not constitute endorsement of this material by the College Board.
Skylight Publishing 9 Bartlet Street, Suite 70 Andover, MA 01810 (978) 475–1431 e–mail:
support@skylit.com web: http://www.skylit.com Copyright © 2011 by Maria Litvin and Gary Litvin
All rights reserved. Teachers who purchased Java Methods are allowed to ... Show more content on
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JAVA METHODS ANSWERS AND SOLUTIONS TO EXERCISES The output is:
info.gridworld.actor.Bug[location=null,direction=0,color=java.awt. Color[r=255,g=0,b=0]] The
toString method of the Actor class defines this output: public String toString() { return
getClass().getName() + "[location=" + location + ",direction=" + direction + ",color=" + color + "]";
} 14. 15. (a) T (b) F – a subclass does not inherit any constructors Deriving Cylinder from Circle is
not appropriate – a bad design decision. It would work, but saving a couple of lines of code is not
worth introducing an incorrect IS–A relationship between objects: a Cylinder is not a Cicrle.
Chapter 4. Algorithms 1. n Input: n sum ← 0 sum ← 0 k←1 k ← 1 Repeat the following three steps
while k ≤ n: sq = k * k sum ← sum + 1 / sq k ← k + 1 Output: sum No k≤n? Yes sq ← k * k sum ←
sum + 1 / sq k←k+1 sum CHAPTER 4 3. m, n Input: m, n q←0 r←m q ← 0 r ← m Repeat the
following steps while r ≥ n: r ← r – n q ← q + 1 Output: q, r 7 No r≥n? Yes r←r–n q←q+1 q, r 4. 9.
13. 6 15 public double goldenRatioSeq(int n) { if (n == 1) return 1; else return 1 + 1 /
goldenRatioSeq(n – 1); } 14. 17. (b) E If n = 0, no radioactive coins found. If n = 1, test the coin. If
n > 1, split the bag into two approximately equal bags. Try to find the radioactive coin in the first
bag. If not found, try to find the

Bankruptcy In The United States
Bankruptcy is a generalized term for a federal court procedure that helps consumers and businesses
get rid of debts and repay their creditors. Bankruptcy can helps people who can no longer pay their
debts and by that it will help get a fresh start to pay their debts or by creating a repayment plan.
Bankruptcy laws also protect financially troubled businesses.
"The history of bankruptcy law in the United States traces back to 1800, after its reception from
English law. As the legal regime for bankruptcy in the United States developed, it moved from a
system which viewed bankruptcy as a quasi–criminal act, to one focused on solving and repaying
debts for people and businesses suffering heavy losses."
Why is bankruptcy is important because without

Chapter 13 Bankruptcy Analysis
Sometimes, those in Tennessee, and elsewhere, who are facing overwhelming debt, choose to file
for Chapter 13 bankruptcy. In addition to the person filing, there are a number of people involved in
the process, including the bankruptcy trustee. An often–overlooked cog in the bankruptcy wheel,
bankruptcy trustees play an integral role in the implementation and completion of Chapter 13
repayment plans. After a person files a petition for Chapter 13 bankruptcy, the trustee appointed to
the case will hold a meeting of the creditors. During these meetings, a bankruptcy trustee and the
person's creditors will ask him or her questions about the proposed plan's terms and his or her
financial affairs. In some cases, people may choose to consult with

The Collapse Of The Lehman Brothers
The global financial crisis of 2008 that reeked havoc on most of the financial institutions had them
fall into liquidation and bankruptcy. One of the most popular and most debated incident was the
failure of the Lehman Brothers. The Lehman Brothers were a leading US investment bank that was
worth $600 billion (D'Arcy). The global financial crisis prompted Lehman Brothers to close its
leading subprime lender (BNC Mortages) in 23 locations (). The closing of these locations were so
aggressive that the company filed for voluntary bankruptcy on September 15, 2008 ("Lehman
Brothers Collection"). The file for bankruptcy was needed after an unsuccessful attempt for a
government bail–out and mergers. Although this was a United States based ... Show more content on
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The company was family–oriented; the only employees were relatives. This was until the business
formed a partnership with Goldman and Sachs in the early 1900's ("Lehman Brothers Collection").
This partnership allowed the company to grow fast, and become designated to sell State bonds from
Alabama's government. This allowed Lehman Brothers to enter the financial market. The company
continued their operations in the financial market until 1975. Lehman Brothers merged with Kuhn,
Loeb and Company and became the fourth largest investment bank in the United States. Lehman
Brothers had steady growth with an increasing revenue base and their work force has increase from
8,500 to an estimated 28,000 in 1994. On September 15, 2008, Lehman Brothers Holdings, Inc.
sought Chapter 11 protection, igniting the largest bankruptcy proceeding in United States history.
Prior to this filing, in January 2008, Lehman Brothers reported record revenues of nearly $60 billion
and record earnings in excess of $4 billion for its fiscal year ending November 30, 2007 (Lehman
Brothers Quarterly Report). Their stock price was trading at record heights at $86.18 per share
(Carther). Not even eight months after the highest stock prices were being reached, the company
filed for bankruptcy. According to one source, the company had $639 billion in assets and $619
billion in debt (Carther). This was one of the largest bankruptcy filings in history, including
WorldCom and Enron. The firm was the largest

Compare And Contrast The Law And Functions Of Our...
Law and Order The structure and function of our country's court system. The structure of the judicial
system consists of Dual court system; Federal court system and State court system, Concurrent
jurisdiction, and the 5th amendment protects from double jeopardy. The federal judiciary operates
separately from the executive and legislative branches, but often works with them as the
Constitution requires. Federal laws are passed by Congress and signed by the President. The judicial
branch decides the constitutionality of federal laws and resolves other disputes about federal laws.
However, judges depend on our government's executive branch to enforce court decisions. Courts
decide what really happened and what should be done about it. They ... Show more content on
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These panels are a unit of the federal courts of appeals, and must be established by that circuit.
District Courts; The nation's 94 district or trial courts are called U.S. District Courts. District courts
resolve disputes by determining the facts and applying legal principles to decide who is right. Trial
courts include the district judge who tries the case and a jury that decides the case. Magistrate judges
assist district judges in preparing cases for trial. They may also conduct trials in misdemeanor cases.
There is at least one district court in each state, and the District of Columbia. Each district includes a
U.S. bankruptcy court as a unit of the district court. Bankruptcy Courts; Federal courts have
exclusive jurisdiction over bankruptcy cases involving personal, business, or farm bankruptcy. This
means a bankruptcy case cannot be filed in state court. Through the bankruptcy process, individuals
or businesses that can no longer pay their creditors may either seek a court–supervised liquidation of
their assets, or they may reorganize their financial affairs and work out a plan to pay their debts.
Article I courts; Congress created several Article I, or legislative courts, that do not have full judicial
power. Judicial power is the authority to be the final decider in all questions of Constitutional law,
all questions of federal law and to hear claims at the core of habeas

The New Bankruptcy Law Essay examples
     Bankruptcy has been the answer to extremely troubling and
difficult financial times for many people in America. Many individuals, for one reason or another,
have found it to be the new start in life that they desperately needed. Unfortunately, bankruptcy has
also served as a crutch to many as well, allowing them to relinquish debt that they were completely
capable, however selfishly unwilling, to pay. As with any law, or policy, Americans are forced to
accept the good with the bad, choosing which outweighs the other. In an effort to combat the
increasingly growing abuse of the bankruptcy laws in our system today President George Bush has
signed into law a new bill that many hope will help to alleviate much of ... Show more content on
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While proving to be a beneficial method of dealing with financial tragedy, Bankruptcy has proven to
be a nightmare for others. As bankruptcy filings soared for individuals in the late twentieth and early
twenty first centuries, so did the problems a situation of this magnitude causes both for judicial and
corporate America, along with the "trickle down" effect bankruptcy eventually has on consumers in
today's market place. The "trickle down" effect can best be described as the increased cost of credit
consumers are forced to pay on behalf of bankruptcy filers. Although this may not be a charge that
specifically states "fee for corporate losses incurred by individual bankruptcy filings last fiscal year"
and arrives along with the description of other charges outlined in your "Truth in Lending"
disclosure, someone must pay the price for goods rendered and this fee is usually passed on to the
consumer through various measures when the individual that consumed the goods are either unable
or unwilling to pay his or her share of the cost. President Bush has approved a new bill on
Bankruptcy entitled, S. 256 –Bankruptcy Abuse Prevention and Consumer Protection Act of

Bankruptcy Case Study: Circuit City Stores Inc.
Circuit City stores Inc., the second largest chain of shops in the electronics of the United States,
requested on Monday the bankruptcy protection, victim of the credit conditions more harsh in their
suppliers and a loss of market share. The retailer and its 17 subsidiaries requested protection of
Chapter 11 of the Bankruptcy Act from its creditors, before a court of bankruptcy of the state of
Virginia, where he has his home matrix. Circuit City filed the statement a week after it announced it
would close 155 stores, or more than a fifth of its network, and would eliminate 17% of its jobs in
the United States. He also said that it was exploring all their options for restructuring. The company
had made a loss in five of the last six quarters. ... Show more content on Helpwriting.net ...
The retailer and its 17 branches requested the protection of the Chapter 11 of the Law of Failures
opposite to its creditors, before a court of bankruptcies of the state of Virginia, where it has its house
counterfoil. Circuit City presented the statement one week after he was announcing that it would
close 155 shops, or more than a fifth one of its network, and would eliminate 17 % of its work
places in the United States. Also he said that he was analyzing all its restructuring alternatives. The
company had had losses in five of the last six trimesters. In the last weeks, the providers struck by
the world credit crisis have hardened the terms of its contracts, sometimes asking for payments in
advance before sending the merchandise. Its biggest rival Best Buy has said that he(she) might
acquire shops that its rivals close in problems. According to the declaration, Circuit City took assets
as 3,400 million dollars and debts for 2,320 millions on August 31, and more than 100,000 creditors.
Between the biggest not guaranteed creditors of the company are: Hewlett–Packard, Samsung
Electronics and Sony Corp, according to the document. Its biggest shareholders are HBK Master's
degree Fund LP and First Pacific Advisors

The War Of 1898 And Its Impact On The Country
The year 1898 has come to be a watershed year. Many of the decisions made had a major impact on
the country. The War of 1898 came in a decade of one of the most detrimental economic depressions
in U.S. history (Perez 2). The U.S. economy was transitioning from being mainly agricultural to
industrial during this time period. With the economy transitioning, it implied that the United States
also needed new markets and territories from which to defend them from difficult times. The war
mattered most to Cuba and they were the main cause of the war. Cuba was well–known for its
access to Caribbean tropical agricultural products. They always had unlimited quantities of their
products and offered them at low prices. The Southern states were interested in Cuba mainly
because they viewed the country as a valuable addition to the strength of the slaveholdings (Perez
3). In 1854, Secretary of State William L. Marcy stated, "The acquisition of Cuba by the United
States would be preeminently advantageous in itself, and of the highest importance as a
precautionary measure of security. The incorporation of Cuba into the American Union [is] essential
to the welfare...of the United States" (Perez 4). The possession of Cuba seemed of high importance
to many for many years. The United States wanted to be in control of commerce and believed that
human progress was possible through the acquisition of Cuba. The United States made several offers
to Cuba in attempt to buy the island.

Bankruptcy Fraud And Its Effects On The Lower Income Brackets
Crimes are perceived to be committed by those in the lower income brackets that are in desperate
needs financially. History, however, has been shown that those who are financially wealthy take
advantage of opportunities that could help further destroy the lower and middle class as well by
using bankruptcy fraud. The average white collar worker has more resources and power to deprive
people, especially when it comes to the basic necessities in life. The basic need of having good
credit is the dream everyone wants in order to be financially strong. Since the use of bankruptcy
fraud has become notorious in today's society, gaining proper knowledge with regards to the effects
and penalties of the crime helps build awareness and deter ... Show more content on Helpwriting.net
...
That being said, one of the bustouts that have been known to effect the society as a whole is the type
that occurs in a retail enviroment. A bustout that occurs in a retail environment occurs when a
potential store owner purchases a location or merchandise with intentions to file bankruptcy with
anticipation that he or she is unable to afford the asset (Brown, Nettles, Tallinn and Tighe, 1999).
Whether a person owes money to the merchant or not, eviction or the confiscation of items cant be
done immediately since the judge always have final say as to what occurs under this situation.
Unfortunately, while everything is going on, the merchant is loosing out because the money is being
collected on the side with anticipation to move his or her location out, gain profit with the
merchandise and file Chapter 7 bankruptcy (Brown, Nettles, Tallinn and Tigne, 1999). In addition to
using the retail approach for obtaining a large profit all while anticipating to file bankruptcy, a white
collar criminal will also use the credit card approach as well. In this case, the fraudster will start out
his damage as a ordinary individual with good credit since the criminals main objective is to attack
secretly. In this case, since the credit card holder will be obtaining credit in order to raise their credit
limit, the person will apply for multiple credit cards and than max them out simultaneously

The Automotive Industry 's Impact On National Economy
Contributing 3 percent to 3.5 percent to the overall Gross Domestic Product, the automotive industry
is essential to the United States' economy.1 The automotive industry would critically affect our
national economy if it ceased to exist. In 2008 through 2010, the automotive industry suffered a
crisis. Many things lead up to the crisis, putting the economy into an unstable condition and putting
distress into the minds of the American people. This forced some of the country's automakers to go
into bankruptcy, causing a fall in the workforce. Eventually, the crisis was solved, and the economy
returned to its stable state. This whole disaster started through one event. Fueled by the 2008
recession, the automotive industry suffered a crisis that hurt the United States' national economy.
The automotive industry crisis of 2008–2010 was a part of a global financial downturn. General
Motors, Ford, and Chrysler, also known as the United States Big Three automakers, had limited
access to offshore production, unlike their foreign equivalents. The New York Times wrote, "For the
most part, the so–called auto transplants– foreign–owned car companies with major operations in
the United States– have deep pockets and ample credit, and they are not facing potential bankruptcy
like General Motors and Chrysler."2 Because of the rise in gas prices, fewer Americans were buying
cars, thus upsetting the automotive industry. As the New York Times believed, the only reason
foreign–own car companies

13 Appellate Courts
There are many different levels of our federal court system, each of them are appointed a different
case category. Above all other courts we have the Supreme Court, the United States Constitution
created this. The Constitution also gives Congress the ability to create and pass laws to construct a
network of lower courts.
Directly underneath the Supreme Court we have the Courts of Appeals, which consist of 13
appellate courts. 94 federal judicial districts are divided into 12 regional circuits, each circuit having
their own Court of Appeals. The 13th appellate court is in the Federal Circuit, which has a national
authority to hear particular cases such as patent laws, and cases determined by the United States
Courts of International Trade and

Before the 1940s, the United States had to endure an era...
Before the 1940s, the United States had to endure an era of unemployment, bankruptcy, and poverty.
The Great Depression plunged Americans into a hopeless time period, for years American citizens
had no jobs and lived on nothing. Franklin D. Roosevelt was elected in 1932, he successfully lead
the United States out of the Great Depression. The most significant event that helped pull the United
States out of the depression was World War II. In the first half of the war the United States isolated
itself, deciding to stay neutral. Instead, they provided equipment and products to countries that were
involved in the war. This dramatically increased the job opportunities for Americans.
In 1941 the United States enters the war on the allied ... Show more content on Helpwriting.net ...
The campaign was focused on persuading woman to join the workforce. During the war, she was
advertised everywhere, from movies, to photos and posters. This shows how reliant the United
States were on all of the woman.
Woman had such a significant role in the workforce during this era, they even significantly impacted
the war through working as nurses and providing supplies to the men aboard. For the first time in
history, woman were relied on. This time period was a huge step towards equality in the work place.
It showed Americans that woman are equal to men when it comes to working.
Another group that significantly made progress in the workforce are African Americans. While
whites were overseas in the military, job opportunities for African Americans rose. They were
assigned jobs relating to managing the supply lines and equipment. They became integrated into the
military as well, a famous example of this is the Tuskegee Airmen. Thanks to Franklin D. Roosevelt,
African Americans were allowed to work in the defense agency. Even African American woman
were allowed to work as well, they were allowed jobs such as cleaning and cooking for white
families. Although African Americans were able to progress as a whole in the workforce, they were
still paid less and were usually harassed.
When the men returned from the war, programs such as the G.I. Bill allowed the soldiers to return to
their jobs. The G.I Bill assisted soldiers with

Deregulated By The Federal Aviation Administration (CAB)
The events that led the path to deregulation were the Middle Eastern oil embargo of 1973, Inflation,
and economic downturn, wide body aircraft, CAB. Because of the Airline Deregulation Act of 1978,
many of the regulatory controls were removed such as air passenger eliminated restriction and air
cargo domestic route operation, what remained were an antitrust exemption, safety and essential air
service, which changed the face of Civil Aviation as we knew it (Greenberg, 2013). The deregulation
now allowed airlines to set their own routes and not long after in 1982 the airlines could set their
own fares. CAB was abolished in 1984 and airline safety was regulated by the Federal Aviation
Administration (FAA). Passengers numbers increased due to

Detroit Bankruptcy
Essay 2 Outline
What caused of Detroit's descent from a wealthy, vital city into one where "ruins" are common and
the city is bankrupt.
I. Introduction
December 3, 2013, Motor City Detroit officially declared bankruptcy, it became the largest
bankruptcy issue in the history of the United States of America.
II. Background
Detroit is the largest city in Michigan and is belong to Wayne County. Founded in 1701 by French
explorer and fur trader" Antoine de La Mothe Cadillac". It is an important city, the world's
traditional car center and music capital, located in the northeastern United States. It named after the
Detroit River connecting St. Clair Lake and Lake Erie, which originated in the French
"RivièreduDétroit", meaning "the river of the ... Show more content on Helpwriting.net ...
In 2004 and 2005, Detroit was ranked second in the nation's "most dangerous city". This is not bad,
2003 and 2007, Detroit is the "most dangerous city" ranking highest level of the list.
III. Major Point 2
Exploring the decline of Detroit, in fact, the welfare system is also inseparable. The high welfare of
car workers is the glory and tradition of the US automotive industry, opening the American "car
era", but also a heavy burden of sustainable development. The car trade union make manufacturers
struggling to pay worker's wage, not to mention the reduction of efficiency. The industry is
declining, the unemployment rate is rising; taxation is decreasing, welfare insurance has increased.
In order to maintain the operation, Detroit government can only be deficit day by day.
IV. Conclusion
A bustling metropolis of the United States eventually reduced to "miserable world" and had to
declare bankruptcy protection. It highlighted the failure of Detroit's urban governance
transformation, which mixed race contradictions show the division of American society. After it
ruined, politicians can easily just leave, the most suffering is the bottom of Detroit

CM/Court Electronic Filing System
Most government agencies have now implemented electronic access for the public in keeping with a
digital government. IRS began electronic return filing in 1986 in an effort to reduce cost and paper
usage. Much like the IRS, Federal Courts began electronic filing in 1996, what they call the Case
Management/Court Electronic Filing System (CM/ECF). Much of the Federal Court cases can be
viewed via www.pacer.gov, again with very few limitations. The main purpose of CM/ECF was to
assist the Clerk's Office in fulfilling its duties. As Courts and the IRS continue to develop and move
into a shared platform much of the information submitted to each agency is becoming not just easily
accessible to the public, but to agencies themselves. This begs ... Show more content on
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A private trustee may be appointed and assigned to a case, but certainly the United States Trustee
(UST) functioning under the United States Department of Justice (USDOJ) oversees all bankruptcy
cases. The UST audits Chapter 7 and 13 bankruptcy cases on a yearly basis in an effort to monitor
fraudulent actions and prevent debtors from scheming on information reported within their
bankruptcy filing, such as the accuracy of information on their schedules, (i.e. Income). Should
there be evidence of fraud or inaccuracies it can lead to the dismissal of a case and possible criminal
penalty actions. Nevertheless, few cases are audited. The U.S. Trustee Program (USTP) of auditing
Chapter 7 and 13 bankruptcy cases is currently done by randomness and non–randomness. For every
250 cases filed at least one may be selected for audit within a district. (Bankruptcy Abuse
Prevention and Consumer Protection Act of 2005 (BAPCPA) §603(a)(1)) The standards for UST's
audit program are available at www.usdoj.gov/ust. If a case is selected for audit both the debtor and
counsel for debtor, if represented by counsel, are sent a letter informing them that the case is
selected for audit. The audit is then conducted by an independent firm selected by the UST.
However, if the debtor is represented by counsel, enclosed with the letter is a form requesting
permission for private audit firm to directly contact debtor and an information sheet about the audit.
Documents typically requested in an audit are: pay stubs for six months prior to filing a bankruptcy
petition, last two year federal tax returns with schedules and forms, account statements for all
depository and investments along with supporting documentation for transactions for the six months
prior to filing, property settlement agreements within last three years, etc. Debtors typically have 21
days to respond to audit request

America 's Sinking Ship Of America
America's Sinking Ship It has become common to dismiss that there ever will be a United States
with a national surplus. Imagine a United States that can fund every government program such as
Medicare, Social Security and Welfare. A U.S. with an ample amount of money and capital so that it
can add to a defense budget and raise the salaries of every military member. It is often said that
America is past redemption because the current reality of America is that there is a national debt
crisis that is in the trillion and is growing each second we do not solve the problem. While they
rarely admit as much, American citizens often take for granted the government programs that many
of them rely on to survive. The consequence that America's ... Show more content on
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Under both procedures, creditors must immediately terminate all efforts to collect
Once debtors file for bankruptcy. Most consumer debt is discharged in bankruptcy, but tax
obligations, student loans, alimony, child support obligations, debts incurred by fraud, and some
credit card debt incurred shortly before filing are not discharged. Mortgages, car loans, and other
secured debts are also not discharged in bankruptcy, but filing for bankruptcy generally allows
debtors to delay creditors from foreclosing or repossessing assets. The main difference between the
two
Chapters is that Chapter 7 only requires bankrupts to repay from their assets and
Chapter 13 only requires them to repay from future income. Prior to the Bankruptcy
Abuse Prevention and Consumer Protection Act of 2005, debtors were allowed to choose between
the two procedures. (White Bankruptcy Reform 183)
White breaks down the two main types of personal bankruptcy; White says both types first require
credit collectors all actions to get the debtor to repay their debts. She then goes on to explain which
debts are wiped clear from being paid back and the main difference between the two types of
bankruptcy. Chapter 7 only makes debtors repay back from their own current money and Chapter 13
lets debtors repay by taking money out of their future earnings. Some people believe that bankruptcy
is something that only a small number of people file for

Allema Alleman V Kitson Case Summary
Relevant Facts Josh had been asked during his bankruptcy proceeding if he'd ever been sued. He
responded that he had not. Actually, Josh had been sued many years ago for intentional infliction of
emotional distress which had been settled early on in the case. The suit never caused financial issues
for Josh and still doesn't apply today. After the proceeding all of Josh's debts were discharged. Issues
If any of the creditors within the bankruptcy or the bankruptcy trustee wanted to revoke Josh's
discharge based on this lie, should the judge do so? Rules 11 USCS § 727(a)(4)(A) states, "The
court shall grant a debtor a discharge unless the debtor knowingly and fraudulently, in or in
connection with a case, made a false oath or account. ... Show more content on Helpwriting.net ...
Kitson (In re Kitson), 341 Fed. Appx. 234 (7th Cir. Ill. 2009) explains that a "bankruptcy filing [can]
contain several misstatements and omissions, but [the court] concluded that they did not run afoul of
Section 727(a) because none of them were material to the bankruptcy petition." Alleman is a former
employer of Mr. Kitson that has brought an appeal with a bankruptcy court for discharging Mr.
Kitson's debts to ultimately include two debts Alleman claims Mr. Kitson still owes to him. During
this process Alleman has alleged Mr. Kitson had failed to provide records in regards to Kitson
Enterprises, however, the court decided this was "immaterial" and "unrelated to Mr. Kitson's
personal bankruptcy." It was further expressed by the court that Alleman had failed to prove his
allegations against Mr. Kitson "how he, any other creditor, or the court was hindered in any material
way by the misrepresentation." Due to the failure of Alleman to prove Mr. Kitson had provided false
or misstatements within the bankruptcy filing, the United States District Court for the Central
District of Illinois affirmed the bankruptcy court's

A Brief Note On The American Legal System
Class: Introduction to the American Legal System Student: Ais Lidzhanova Date: November 6, 2016
Research Project and Presentation Cross–Border Insolvency Legislation in the United States Many
companies nowadays do not confine their activities to the territory of one state and expand their
business to international markets. To do so, they inevitably enter into contracts with foreign parties
or acquire property in the territory of foreign states. At the same time, business risks connected with
the international transactions increase. Many companies become insolvent. The insolvency of
transnational companies with cross–border relations is one of the greatest problems in economic and
legal terms. First and foremost, the assets and liabilities of the insolvent company are located in
many jurisdictions with their own bankruptcy laws. So, the conflict of laws is unavoidable. The
company's creditors can also be found in different jurisdictions with their own regulation of
creditors rights. The sensational bankruptcy of the Lehman Brothers Bank is one of the many
examples of cross–border insolvency, when 75 court actions in 16 jurisdictions were filed. However,
since there is no uniform international legislation of cross–border insolvency, it is important to learn
the legislation of different countries. As for the United States, The Bankruptcy Abuse Prevention
and Consumer Protection Act of 2005 ("BAPCPA") was enacted on October 17, 2005, and included
Chapter 15. Chapter 15,

Bankruptcy In The United States Bankruptcy Court

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