Weak Enforcement of the Bankruptcy Laws
In an article in The Business Journal Mukherjee tells of "A health club executive in Texas persuaded a bankruptcy judge that his Rolex watch was off-limits to the creditors because the watch was a part of his look and personality. Stripping it would make him feel naked" (69). They even let him keep it. This is the kind of thing that need to be dealt with. It just sends an image that the government and the courts want people to get away with bankruptcy fraud.
Bankruptcy is no new thing. There are some people who need it just to survive and there are others who take advantage of the way it works. When they do that, they are looking for a way that they can keep all their money but get rid of their debts. People think of many ways to take advantage of bankruptcy. Sometimes the FBI can't find all of the fraud and then the tax payers suffer. The people commiting the frauds are also making bankruptcy look bad. While in reality, it is one of the best ways for people to get back on their feet. More states need to focus on investigating their bankruptcy frauds and then prosecuting them.
John R. Roberts, a bankruptcy attorney, states that "bankruptcy is nothing more than a fresh financial start. It is designed to help those who are in debt beyond a reasonable means to pay" (online). This is only if the person in debt didn't get there through anything dishonest. People get in debt for a number of things like losing their job, accidents, and business failure. When that happens people have different options of bankruptcy or different sections of the banckruptcy ammendment to choose from. The most common is Chapter Seven. This section allows you to sell some of your assets to clear as much of the debt as possible. In most cases, it also permits you to keep your property. Chapter 13 is for those who are temporarily in debt. It helps to set up payments that are reasonable for the debtor. (online) Bankruptcy is a way for a person to regain their life. After getting so far in debt some people have no way out.
In an article published in Newsweek, "The Sorry Side of Sears", McCormick tells about a recent case involving Sears. Sears was using a credit card and issuing it out to anyone that would use it.
1 Determine if bankruptcy is the best option for you. Bankruptcy should be considered your last option, and should only be used if you have exhausted all other possibilities.
Fox News is constantly being bombarded with accusations of media bias, furthermore, a number of different instances of have occurred which question the validity of Fox News (Groeling). These instances occur throughout normal news broadcasts. Some of the more recent, and grossly biased broadcasts, were from the 2008 and 2012 presidential elections. Historically the Fox News Channel is known to lean heavily to the right, or on the republican spectrum. President Barrack Obama’s political party is widely known to the public as being democratic. Statistically, to this day according to studies over 17 million households receive some form of the Fox News Channel (Auletta). The Fox News Channel is published through a number of different channels to its viewers. These channels include: Television, radio, newspaper, internet and more increasingly electro...
There are some advantages and disadvantages to filing for bankruptcy chapter 7. According to chapter 7 debt liquidation bankruptcy is good option for many people who are dire financial straits. When the debtor files for Bankruptcy there is an automatic stay and most creditors must have stop their collection efforts. Thus, the debtor can begin to rebuild his or her credit. Financially speaking the debtor will start over. It’s true that filing Bankruptcy running your credit from certain amount of years and may cause embarrassment for many people. Also there is 90 day presumptive period. Any debt incurred in that 90 days prior to filing Bankruptcy is presumptively fraudulent, any debt incurred with intention of filing Bankruptcy or without intention of repayment is presumed fraudulent.
Lakoff, G. and Johnson, M. (1980). Metaphors we live by. Chicago: University of Chicago Press
Formal corporate bankruptcy proceedings generally take on two distinct forms: Chapter 7 (liquidation) and Chapter 11 (reorganization). Under Chapter 7 liquidation, the firm is shut down by a court-appointed trustee, and the firm’s assets are liquidated and the proceeds distributed in accordance with the absolute priority rule. Chapter 7 is also referred to as a “cash auction” procedure. In Chapter 11, an organization remains in control of its business operations (known as a ‘going-concern’), but is subject to the oversight of the bankruptcy courts.
The “domestic” scenes of Shakespeare’s Henry IV Part I ground the battles, plots, and displays of knavery. The women—Lady Percy and Lady Mortimer—give the actions of territorial, cockfighting men consequence. In II.iv, we see Hotspur at home with his playful wife, and we can for a moment forget his arrogance and excessive language as he assumes the mantle of husband and even shows a slight bent toward uxoriousness. Kate leads the activity in the scene, however, and she is the one who closes it; by an examination of the play between the Percys, we see that Kate is a reflection of her husband and that she likewise reflects—but does not mimic or represent—his fate at the play’s end.
Each anchor has their own viewpoint of the world and determines, in their way, how to portray that information in mainstream media. Anchors in news stations will try in any way to make themselves look like they are in the right, even if they have to change the stories to appeal to certain audiences. Viewers sometimes may have awareness where they know that some of the things they see on Fox are not true, but will viewers honestly fact check everything they see or hear on the news? No, not really, they would rather just hear it, feel what they want to feel, and it eventually becomes
Over the years, the process of declaring bankruptcy has become incredibly simple. Because of this change, the number of people declaring bankruptcy is at an all time high. Today, bankruptcy is a common thing among companies and individuals alike. The American bankruptcy law allows people to avoid paying their debts by offering the debtors a discharge without a harsh consequence. By not having repercussions for their actions, bankruptcy filers often plan future bankruptcies, allowing them to steal even more money from creditors with no punishment. There are 13 different chapters in the bankruptcy system with the principal chapters being 7,11, and 13. You can only file for bankruptcy under these three chapters, the others are there to explain how the system works. Under Chapter 7, a person’s debts are wiped away while under chapters 11 and 13, debts are frozen while the debtor figures out a way to repay them. The people filing Chapter 7 are stealing money from creditors who are trying to help them. It is one’s moral duty to pay back his debts and one should be disgraced and embarrassed if they borrowed money they cannot pay back. Over 1,400,000 people filed for bankruptcy in 1998 under Chapter 7, Chapter 11, and Chapter 13. 75% of them were under Chapter 7, leaving “retailers, bankers, and credit-card companies” with $40 billion in unpaid debts (Kopecki 5) (Pomykala 16). The use of different reforms could cut down on the number of Chapter 7 filings and put responsibility back on the debtor. Declaring Chapter 7 bankruptcy is ethically and morally wrong and through different reforms this current “right” would be considered a crime.
Timeline of this case should be clearly organized in order to better understanding this case. In 2009, Poor Son transferred Rich Grandson to Parent. In 2010, Poor Son filed a voluntary petition for reorganization under Chapter 11 of the US bankruptcy code, and Parent deconsolidated Poor Son from statements. In 2011, Poor Son filed an action against Parent seeking to void the transfer of Rich Grandson. In May 2012, the bankruptcy court held a selection meeting in which it considered competing plans of reorganization submitted by four bidders. In June 2012, OtherCo, an unrelated party, became the wining plan sponsor. In July 2012, OtherCo rescind its offer because the bad evonomic condition. In December 2014, the bankruptcy court recommended
Bankruptcy is where an individual or in this case a corporation claims that is not able to pay its lenders and/or creditors any more. By doing this the filer gains protection from its lenders while reorganizing itself to stay in business. Bankruptcy is defined by the Congress under the U.S. Bankruptcy Code, in which the Congress revised in 2005 called Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). This act addresses the increased number of bankruptcy filing, loopholes and incentives that allowed for abuse and the financial ability of debtors.
Timberg, C., Yang, J. L., & Tsukayama, H. (2013, December 19). Target says 40 million credit, debit cards may have been compromised in security breach. Retrieved from http://www.washingtonpost.com/business/technology/target-data-breach-affects-40-million-accounts-payment-info-compromised/2013/12/19/5cc71f22-68b1-11e3-ae56-22de072140a2_story.html
158-years-old institution, the Lehman Brothers Holdings, Inc., Sought chapter 11 protections on September 15, 2008, indicating the largest bankruptcy filed in the U.S. history. The Lehman declared $639 billion in assets and $619 billion on debts, which surpassed the previous bankruptcy filed by Enron and WorldCom. The Lehman brother was 4th best-ranked U.S. Investment bank and globally 7th best investment bank before the collapse. An industry that had 25,000 employees worldwide crumbled into almost nothing within a week, which is one of the seminal events in the global financial crisis. The Lehman Brothers’ demise was a result of substantial attention to the U.S. subprime mortgage and the real estate markets that coaxed into
Chapter 7 bankruptcy can wipe out most of ones debts but certainly not all of them. Certain kinds of debt are not covered by the terms of Chapter 7. Some examples of debts that must be paid after filing for bankruptcy would include child support, alimony, income taxes and penalties, student loans, and court ordered damages due to unfair and unrightous acts. Bankruptcy courts handle your financial problems until the case ends. A court assumes control of all ones debts that are owed and all property that is not exempted. A person, trustee, is appointed to be in charge of your debt. The trustee collects property that can be taken and sells it to repay some creditors. That property can be surrendered to the trustee, one may pay the market value of it or one also may choose to trade exempt property with nonexempt property. A small number of people actually lose property when filing bankruptcy. If a person changes their mind about filing for bankruptcy they may ask the court to dismiss the case. At the end of the process the court would discharge most of the debts and one is unable to file for Chapter 7 bankruptcy again for at least another six years.
Databases are becoming as common in the workplace as the stapler. Businesses use databases to keep track of payroll, vacations, inventory, and a multitude of other taske of which are to vast to mention here. Basically businesses use databases anytime a large amount of data must be stored in such a manor that it can easily be searched, categorized and recalled in different means that can be easily read and understood by the end user. Databases are used extensively where I work. In fact, since Hyperion Solutions is a database and financial intelligence software developing company we produce one. To keep the material within scope I shall narrow the use of databases down to what we use just in the Orlando office of Hyperion Solutions alone.
Over the years, the essence of theatre has not only been to entertain, but to also allow the build up of a culture in a quickly growing uncultured generation. Regardless of the existence of so many other forms of entertainment, theatre has always established a commanding niche in most people’s hearts, and is undoubtedly the most realistic form of entertainment (Bruce 12). The acting bit of theatre performances makes things real and in their immediate contexts, allowing the audience to draw conclusions based on what they see. In a majority of cases, also, the play’s setting is such that there is description of definite subjects without which the play cannot make meaning. The above research takes into account A Number by Caryl Churchill. A great deal of issues and aspects can be learnt from the above play with diverse moral lessons, as well. It has long been proved that expression via acting is more direct than when the audience accesses literature in other means. This direct approach gives a broader meaning to a variety of issues in the play, which were not understood, say in videos. Additionally, the play A Number is full of theatrical ideologies with clear depiction and expression of every event. Theatricality and empowerment set this play different from other plays because of clarity in events’ sequence. The author also strives to express the idea of cloning in society as one main means of families’ downfall. This further comes with what literature calls the ‘fate of tragic heroes’, an indication of what is at stake when a person does things out of the ordinary to please him or herself.