The original Bankruptcy Act was enacted in 1878. Unlike European countries, American debtors were not punished in any way. Our founders viewed bankruptcy from a different perspective; therefore, they included a provision in the U.S. Constitution, which gives Congress the authority to establish uniform bankruptcy laws. The primary purpose of the Bankruptcy Code is to provide debtors an opportunity for a ‘fresh start’. In order to have a fresh start the debtor is relieved from legal responsibility of past debts.
Under the code, debtors are protected against abusive creditor activities. Once a voluntary or involuntary petition is filed, certain actions by creditors are suspended under automatic stay. Both secured and unsecured creditors are suspended from taking any action against the debtor or the debtor’s property. However, actions to recover child support or alimony are not suspended.
In a situation in which there are both secured and unsecured creditors, there is a special interest in preventing creditors from obtaining an unfair advantage over other creditors. Unsecured creditors must file a ‘proof of claim’ this document states the amount of the creditor’s claim against the debtor. Secured creditors are not required to file a proof of claim unless the amount of claim exceeds the value of the collateral. Voidable transfers are another form of protection between creditors. Preferential transfers or liens made to a creditor by the debtor within 90 days before bankruptcy can...
The Constitution was created to correct the weaknesses of the Articles. The word “expressly” particularly caused major problems and therefore was omitted from the Constitution, because if everything in the Constitution had to be expressly stated it would weaken the power of the Federal government. The 10th Amendment specifically does not have the word “expressly” in it and it states that “The powers not delegated to the United States… nor prohibited to the states, are reserved to the states respectively or to the people. In 1791 the bank was approved and then it collapsed. It was then reestablished in 1813 and was very successful.
At the time of the convention, farmers were the debtor class and were prone to revolt. Farmers, who lived all across the United States, sought debt relief and tax relief (Beard, 28). The weight of the debt at the time was crushing small American farmers who were being forced to pay their debts by selling their property for less than its value (Holton, 90). These debtors sought relief in many legal forms. For example, they asked for the “abolition of imprisonment, paper money, laws delaying the collection of debts, propositions requiring debtors to accept land in lieu of specie at a valuation fixed by a board of arbitration” (Beard, 28). However, they also sought relief through revolt (ex. Shays’ Rebellion) (Beard 28). Their desires contrast those of the creditors, stockholders, manufacturers, and shippers of their time (Beard, 29).
In the short story, “The Birthmark” Nathaniel Hawthorne uses the characters, foreshadowing, symbolism, and other rhetorical devices to alert people of the consequences of man having the power to control and alter nature. Additionally, through his skillful usage of diction, Hawthorne warns of the effects of seeking perfection through science. In “The Birthmark”, Aylmer, a man devoted entirely to science, marries Georgiana, a beautiful young woman with a single imperfection. Georgiana’s imperfection bears the resemblance of a tiny crimson hand and is visible on her left cheek. The birthmark becomes the object of Aylmer’s obsession and he resolves to use his scientific prowess to correct “what Nature left imperfect in her fairest work.” He succeeds in removing the birthmark; however, he unfortunately causes his wife’s death in the process. Through “The Birthmark”, Hawthorne suggests that nothing paradisiacal can exist on this earth, and that being imperfect is just part of being human.
The first “element” states that “excessive bail shall not be required, not excessive fines imposed.” Bail is a temporary
A Quistclose trust arises when money is paid to a recipient for a specific purpose, if that purpose fails the money is held on trust for the payer. It mostly arises in insolvency cases where the proprietary rights have to be established. However, this type of trust has been thought to be inconsistent with the traditional trust principle. Many have suggested the Quistclose trust must be treated as any other fully fledged security device taking into account the protection it offers the payer on insolvency and should therefore be registrable. This essay critically analyses the concept of Quistclose trust, whether it differs from the resulting trusts.
The creation of our nation and its constitution cost our ancestors not only their lives, but also their money and a few rebellions. Some of the major political crises that shaped the provisions in the constitution were debt, currency decisions and Shays’s Rebellion. After the war was over America had found itself in tremendous debt because of war bonds and overseas debts. With all of these due to be paid back soon, America found itself hurting. To make matters worse the government had no power to tax and had to ask the states for government. Then because the power to tax was held by states and
...rought attention to the racial issues in death penalty sentencing which will be explained by relevant data on the subject.
24 U.S. General Accounting Office, "Death Penalty Sentencing: Research Indicates Patterns of Racial Disparities," The Death Penalty in America, 271.
damaged credit, the companies are taking a financial risk by financing them. Considering that for
“The Birthmark” is a short story written by author Nathaniel Hawthorne. This short story is filled with symbolism and destructive criticism. It follows the scientist Aylmer and his obsession of removing his wife Georgina’s birthmark. The crimson hand-shaped birthmark on the face of an otherwise perfect, beautiful woman contains deep meanings. Through the use of symbolism, Hawthorne demonstrates the issues and themes of the unattainability of perfection, science and nature, humanity’s flaws, and mortality.
This research essay discusses racial disparities in the sentencing policies and process, which is one of the major factors contributing to the current overrepresentation of minorities in the judicial system, further threatening the African American and Latino communities. This is also evident from the fact that Blacks are almost 7 times more likely to be incarcerated than are Whites (Kartz, 2000). The argument presented in the essay is that how the laws that have been established for sentencing tend to target the people of color more and therefore their chances of ending up on prison are higher than the whites. The essay further goes on to talk about the judges and the prosecutors who due to different factors, tend to make their decisions
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
“[T]he pari passu principle providing for equality of division among creditors is said to be one of the (if not the most) fundamental principles of the law of insolvency and is at the very heart of the who...
As a young Vietnamese-American boy, I have always been curious about my culture and ancestry. My family has gone through a lot of struggles before coming to states, but I never had a history lesson of what their lives were like. Being born in the United States, I didn’t have to experience the hardships that my parents and grandparents had to deal with it. A big part of Vietnamese history is having to deal with the Vietnam War and the impacts of immigration. The Vietnam War took place in 1954 and lasted until 1975. The war grew because of the spread of Communism from North Vietnam to the South. Refugees had to risk losing their family, friends, and their lives in order to have a chance of survival. Vietnam faced many obstacles throughout history
A creditor who is not a party to the bankruptcy proceedings, but who has an interest in the proceedings, may file an ex parte application with the bankruptcy court. An insolvent debtor may file a debtor’s petition for voluntary bankruptcy. The insolvent debtor must provide to the court a summary of the debts and assets. An agreement between a debtor and creditor that the amount stated as being owed to the creditor is accurate is an account statement. However, an account that is open and unsettled is an account that is current.