Essay on Bankruptcy and Insurance

Essay on Bankruptcy and Insurance

Length: 1033 words (3 double-spaced pages)

Rating: Strong Essays

Open Document

Essay Preview

Scenario 1: Bankruptcy


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.


Celia can file a voluntary bankruptcy is began when that debtor files petition with bankruptcy court. There will be a joint may be file if you are married and both are calming bankruptcy. When a voluntary case is done, the debtor must file a schedule of current income and current expenditures unless the court says not too file this. In 2005 reforms, the court can dismiss individual debtor’s petition for abuse if the debtor does not satisfy the mean test, the mean test measures the debtor’s ability to pay by computing the debtor’s disposable income. Only the debtor who fall below their state’s median disposable income will be able to continue in chapter seven proceeding. The individual’s debtors who meet the mean test are required to go into chapter 13 bankruptcy because they have not qualified in chapter seven bankruptcy. The formula for applying the test is under the standard the Reform Act that requires the court to find ...


... middle of paper ...


... pay even if she lied on that application. An example if Ms. Simpson Husband passed away before of heart attack one month after filling out the policy and buying the policy and there was no proof of heart problem before the heart attack the more likely would pay.


References

Twomey, D. (2013). Anderson's Business Law and the Legal Environment, Comprehensive Volume [VitalSouce bookshelf version]. Retrieved from http://digitalbookshelf.southuniversity.edu/books/9781285696683/id/L35-1-7


Woodman, C. (2011, March 6). Does Bankruptcy Clear All Debts?. eHow. Retrieved April 29, 2014, from http://www.ehow.com/info_8025863_bankruptcy-clear-debts.html

Does Bankruptcy Stop the Collection of Student Loans? | Nolo.com. (n.d.). Nolo.com. Retrieved April 29, 2014, from http://www.nolo.com/legal-encyclopedia/does-bankruptcy-stop-the-collection-student-loans.html













Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Is Hiring A Bankruptcy Attorney Worth It? Essays

- Is Hiring a Bankruptcy Attorney worth it. Bankruptcy attorneys are very busy these days, primarily because of the state of the economy. Many individuals and businesses are struggling with too much debt and looking for relief. Some people are able to find solutions to their financial problems without filing for bankruptcy. For many others, bankruptcy is the only practical remedy. Whether you ultimately file for bankruptcy or not, you will find that an experienced lawyer can help you decide on the best course of action....   [tags: Lawyer, Law, Bankruptcy, Credit score]

Strong Essays
1527 words (4.4 pages)

Mandatory Health Insurance Essay

- The United States passed bill that health insurance should be mandatory in the year 2014. Under the Patient Protection Affordable Care Act, each person is required to have at least a minimum level of health insurance failure to, the individual will face a penalty. The mandatory health insurance issue has faced reactions from both sides with some people supporting while others opposing. It is mandatory for every individual to purchase a health insurance depending on their earnings. The health care insurance is mandatory for all US citizens, and all legal residents in America....   [tags: Healthcare, insurance, PPACA]

Strong Essays
1122 words (3.2 pages)

Health Care Will Shorten Bankruptcy Essay

- Health care will shorten bankruptcy. It was said that over 50% bankruptcies are contributed from medical problems. Medical contributes 17% in bankruptcies. “This threatens the solvency of solidly middle-class Americans. They propose comprehensive national health insurance as a solution.” (Medical Bankruptcy: Myth Versus Fact) In 2008 politicians were used to show that the health care system needs to be changed. It needs to be changed so it can control costs and give more people coverage. “Debtors cited at least one of the following specific causes: illness or injury (28.3 percent of respondents), uncovered medical bills exceeding $1,000 in the past two years (27 percent), loss of at least tw...   [tags: Health economics, Health care, Healthcare reform]

Strong Essays
1029 words (2.9 pages)

The Lehman Brothers Bankruptcy Essay

- Many companies around the world are affected by bankruptcy at a certain time in their financial year. When a company is declared bankrupt, it can no longer invest in the stock exchange. The government declares the company insolvent. An example of such company is the Lehman Brothers, a housing and real estate company that went into bankruptcy in 2008. Below is a visual aid of the event that impacted the company to bankruptcy. This later had an impact on the company and as a result made the company declare it self bankrupt....   [tags: Business Administration]

Strong Essays
1951 words (5.6 pages)

A Brief Note On The American Health Insurance Essay

- Last November I fought with many, employees, at Martin Luther King Hospital with my son of only six months burning up with a fever of 105 degrees Fahrenheit in my arms. Each minute wasted by Doctors, Nurses, and security all who could have saved my son’s life.The doctors told me they could not provide the care my son needed in order to survive, for one reason, because, my insurance was not approved. As my son started to seize in my very arms the doctors and nurses still could not do anything for me, or my son, they told me he needed an antibiotic immediately....   [tags: Medicine, Health care, Health insurance]

Strong Essays
1069 words (3.1 pages)

Essay on The Health Care System : Employer Funded Health Insurance

- The United States has a wide range of health care that is privately funded, and a lot of the rationing is by costs: the individuals gets what he or she can or what their employer can pay for to help insure their employees. Our previous health care system is employer-funded health insurance is existent due to the federal government supported it by making the insurance premiums tax deductible. Concerning the public sector, which is mainly Medicare, Medicaid, and hospital emergency room, medical care is limited or controlled by long wait times, expensive copays, reduced costs to physicians that even discourage some of them from assisting public patients and rations on disbursements to hospital...   [tags: Medicine, Health insurance]

Strong Essays
1310 words (3.7 pages)

Is Filing Bankruptcy My Fault? Essay

- Is Filing Bankruptcy My Fault. Filing bankruptcy is NOT your fault. Yes, it is your finances that we are discussing; however, the financial hardship that brought you to this point was likely something you could not avoid. Our Elizabethtown bankruptcy lawyer consults with individuals and couples each day who feel guilty for meeting with a bankruptcy attorney. It is not uncommon to feel as though we failed in some way when we are faced with a financial hardship. This is usually far from the truth....   [tags: Debt, Finance, Debtor, Creditor]

Strong Essays
711 words (2 pages)

You Want Information About Health Insurance Essay

- You want information about health insurance and you would like to have it in a easy to understand format. If this is the case, this article will be perfect for you. We will lay out some of the most important tips and guidelines in a way that you can quickly digest. When searching for affordable insurance make sure you get quotes from all available options. Each provider has different rates depending on your history. The best bet to ensure that you save the most money is to compare prices. With that being said, make sure you are comfortable with the choice you make and the type of coverage you obtain....   [tags: Health insurance, Preferred provider organization]

Strong Essays
730 words (2.1 pages)

Essay about The Bankruptcy Of Major Companies

- Bankruptcy of major firms in USA: Major losses were suffered by the mortgage lenders, investments banks, foreign investors and insurance companies. Basically, it was rightly quoted that during these crises, “The problem with the investment banks balance sheet was that on the left side nothing was right and on the right side nothing was left.” Thus, the financial system was dreadfully affected as a whole. Some of the top banks and insurance companies that suffered are mentioned below, • Bear Stearns investment bank was observed with the initial effect as it imploded and was acquired by J.P Morgan Chase....   [tags: Subprime mortgage crisis, Mortgage]

Strong Essays
1576 words (4.5 pages)

Lloyd's of London Insurance Essay

- Insurance is defined as the pooling of unanticipated losses by transfer of such risks to insurers, who agree to indemnify insured for such losses, to provide other pecuniary benefits on their occurrence, or to render services connected with the risk. (Rejda, 2011) And Lloyd’s of London is the best example of successful insurance underwriting market that services the world needs. This seminar paper will dwell on the topic of Lloyd’s of London. It will shortly focus on the origin of Lloyd’s and its path to becoming a specific integral part in the world of insurance....   [tags: business analysis, financial performance]

Strong Essays
1870 words (5.3 pages)