The ucc permits individual debtors

Assignment Help Business Law and Ethics

Reference no: EM13897355

The UCC permits individual debtors (but not organizations) to keep some property for themselves. This exempt property saves the debtor from destitution during the bankruptcy process and provides the foundation for a new life once the process is over.

To complete this activity, first conduct an Internet search for your state's rules on exempt property; conduct a second search on one of your neighboring states. Next, write a paper in which you compare the two states by responding to the following:

Is your state generous or stingy with exceptions compared to the other state you identified? Provide specifics.
In considering a new bankruptcy statute, Congress struggled mightily over whether or not to permit state exemptions at all. What are the implications of exemptions varying by state? Why should someone in one state fare better than his or her neighbor across the state line?
What rationale can you give for the differences between states?

Reference no: EM13897355

Questions Cloud

What is the hardest concept on the blaw 3175 final : What is the hardest concept on the BLAW 3175 final?

Involves a broken agreement for a sale : If someone breaks a contract, the other party can generally sue and win some form of damages. But for centuries, the law has considered land to be unique, so a lawsuit that involves a broken agreement for a sale of land will usually result in an orde..

Capable of possessing evil : John Milton challenges the common belief that chaos and Satan are purely evil entities, and asks readers to consider whether God is capable of possessing evil himself.

Why transaction be accounted for as a cash flow hedge? : Why transaction be accounted for as a cash flow hedge?

The ucc permits individual debtors : The UCC permits individual debtors (but not organizations) to keep some property for themselves. This exempt property saves the debtor from destitution during the bankruptcy process and provides the foundation for a new life once the process is over.

Type of remedy where a court restores : Type of remedy where a court restores the parties in a contract to original positions

Analyzing contracts and their impact on businesses : Analyzing contracts and their impact on businesses and how they affect decision making. Then, focus on the complexity of employment contract laws for a business. Overall, I need to cover the following three points:

Right off the coast of neighboring new hampshire : Right off the coast of neighboring New Hampshire is the very little known fishing area called St. Olaf's Hole, 185-215 miles off the coast. It has some of the best commercial cod fishing in the North Atlantic. Sebastian Winkin, owner of the lumber ..

Describe the approach to essay examination : In a 100-200-word short essay, describe the approach to essay examination. Describe briefly the elements which research papers should have.

User Account

All Pages