Law of chapter 7 and chapter 13 bankruptcy

Reference no: EM1318917

James, a professor of economics and business at Seminole State College, filed a petition in bankruptcy under Chapter 7 seeking a discharge of about $110,000 in credit card debts. At the time, James had been divorced for 10 years and had custody of two children; Zane and Greta. Zane was a college student attending a private college.

Greta was a 12-year-old champion ice skater who traveled around the country for competitive events. James showed monthly income of $4,227 and monthly expenses of $$4,806. The expenses included annual homeschooling costs for Greta of $8,400 and ice skating costs of $6,000. Private school tuition for Zane is $24,000 per year, financed mostly through student loans and parent student loans.

Legal Reasoning

What is the law of Chapter 7 and Chapter 13 bankruptcy? If you were the bankruptcy court judge, how would you rule on James' request for Chapter 7? Why? Be specific and address any limitations in the law.

You may need to conduct internet research to find all the information needed to conduct your legal analysis.

Ethical Reasoning

What is the "right thing" to do in this situation? Be sure to identify the parties involved and how the court's decisions might affect each party. Do not forget about the creditors (the credit card companies). Is bankruptcy the only option available to James?

The answer must be supported with laws, fact from the problem and/or examples

Reference no: EM1318917

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