Law of chapter 7 and chapter 13 bankruptcy

Assignment Help Other Management

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

Questions Cloud

Using levels of significance-find rejection point : Using the levels of significance given below: What is the rejection point at α = .10 and indicate if you would accept or reject H o ? t .10 =

A 53.10 kg cat burglar is supported by cables : New physics student having trouble with hw, not sure how to set this up or find the answer. Throw a ball straight up with an initial vel. of 18.5m/s. if ball is caught at the same height it was released, and then compute the max. Height achieved b..

Explain top five reasons private companies go public : Identify and explain the top five reasons private companies go public. Explain information the firm is required to provide to the investor with complete transparency.

A suitcase drops out of the luggage compartment : A toy car runs off the edge of the table that is 1.6405 m high. The car lands 0.3311 m from the base of the table how long does it take for the car to fall? The acceleration by reason of gravity is 9.80 m/s2.

Law of chapter 7 and chapter 13 bankruptcy : 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.

What is the magnitude of the vertical component of velocity : The radius of Venus's orbit is 0.72 times that of Earth's orbit. How much stronger is the Sun's gravitational field at Venus than at the earth.

Find x from the following equation : Find X from the following equation

Find out the man''s kinetic energy relative to plane : A large power plant converts 1000 kg of water to steam every second to run its generators. Compute the amount of heat required each second just to vaporize the water, assuming this is done at 100 C. What is the power input in megawatts for this pu..

Comparing two population means : Suppose we compare two population means, μ 1 - μ 2 . In each case, indicate how μ 1 relates to μ 2 :

User Account

All Pages