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...
In "The Birthmark,". The birthmark on Georgiana is a physical imperfection., Hawthorne states that the only way to get perfection can only be through death and therefore is not possible, as shown by the death of Georgiana. The birthmark represents the flaws in the humans. Greed is one flaws of the imperfections, Aylmer was greedy for perfection and the the removal of the mark from his wife's face. This greed compared to Hawthorne’s “The Minister's Black Veil" the sins that the black veil represented. Hawthorne reveals and embraces the truth that is that all humans were veils to hide their
people in Canada during the 1990's. In simplest term, corporate and individual bankruptcy law provides a set of rules to prevent chaos among the creditors of an insolvent corporation or individual.
With the economy going today some, if not many, businesses are going under, being liquidated, or going out of business. But how do big or small business end their enterprises? Or even allocate any resources they have to repay any debt? What procedures does a company go through to let their lenders know they have no income or sales/revenue to pay off the bills? Questions like this spark my interest to get a better understanding of how do businesses like Ashley Furniture or General Motors (GM) use their assets to attempt to pay off their creditors and any other liabilities. But what does bankruptcy mean in the business world? What are some of the paths of bankruptcy? What are the pros and cons of being bankrupt?
Men and women will always strive for perfection whether it is in themselves or in each other. In Nathaniel Hawthorne’s allegory “The Birthmark, “ the audience is informed of a young couple, Aylmer and Georgiana. Then soon transpires into a husband's obsession with his wife's flaw, “The birthmark.” The young husband gets too wrapped up in fixing his wife that he forgets to show her attention and love. Incapable of feeling anything but determination to make his wife perfect; he uses a potion to remove the birthmark. The potion successfully begins to fade the birthmark however, the potion also fades his wife's life as well. . Nathaniel Hawthorne uses symbolism to give “The Birthmark” a deeper meaning, foreshadowing to build suspense, and third
################################# Part 3 ######################################## Nature doesn’t intend for things to be perfect, if it was the contrary we wouldn’t be considered humans. Nathaniel Hawthorne’s The Birth-Mark portrays the story of a scientist, Aylmer, so self-absorbed, and supercilious in his own power of science that he would go so far as to remove the intentional “imperfect” birthmark that Nature has bestowed upon his wife’s face. “Cannot you remove this little, little mark… Is this beyond your power… Noblest, dearest, tenderest wife… doubt not my power” (216). Hawthorne uses the birthmark as a symbol to represent the imperfection that is within the human species, the mark also draws out the imperfection of those who have encountered it by displaying their tendencies to overlook the flawless beauty of Georgiana and focus solely on her birthmark, “Some fastidious persons… affirmed that the bloody hand… quite destroyed Georgiana’s beauty… Aylmer discovered that this was the case with himself” (214). Nature’s symbol is a paradigm of omnipotence. To simply put, Nature created the grand design of human life, and governs over our society but allows us as people to do as we please with our lives, so long as we do not alter with Nature’s creation, “…Our great creative Mother… She permits us, indeed to mar, but seldom to mend, and like a jealous patentee, on no account to make” (217). Despite Nature’s intention, being the pompous scientist that he is, Aylmer believes himself to be something more than a microcosm of Nature’s creation. In other words, because of his unparalleled ability in the subject science, like other...
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.
Nathaniel Hawthorne’s, “The Birthmark” was on the darker side of the Romantic Movement, but it was still a love story. There was a love of science and obsessing over beauty and perfection. Aylmer love Georgiana and she loved him. She was willing to die for him, and he was willing to experiment on her, even if meant losing her. Hawthorne put himself into his work, expressing fears, and emotions that was hard to put into words. His surroundings impacted the outcome of his
“A report by the United States General Accounting Office in 1990 concluded that 82 percent of the empirically valid studies on the subject show that the race of the victim has an impact on capital charging decisions or sentencing verdicts or both” (86).
Nathaniel Hawthorne’s “The Birthmark”, is the story of a crazed scientist whose strive for perfection not only leads to the death of his beautiful wife, but the attempt of man to have power over nature. It follows the story of Aylmer and his obsession with removing the birthmark off his beautiful wife, Georgiana. “His unnatural fixation to his wife’s birthmark even consumes him in his sleep as he dreams of cutting it off much like scraping an apple off its skin.” (Snodgrass 29). This narrative explores the themes of perfection, and the conflict between science and the natural world.
Nathaniel Hawthorne did not do much explaining when it came to the characters involved in "The Birthmark". He did not portray the main characters: Aylmer, Georgiana, and Ambidab as human beings, but rather as symbols. While analyzing the story "The Birthmark", I have achieved some great insight of the author 's articulate writing style; especially, his style of making characters have symbolic meaning. In this story, Hawthorne uses his characters to symbolize specific things. In this ambiguous, short story, the three characters each symbolize Science, Beauty, and Nature. Each character represents an unusual force that has equally worked against each other.
Nathaniel Hawthorne’s 1843 short story entitled “The Birth-Mark” is, at face value, a traditionally formatted Hawthorne story; it is a textbook example of his recurrent theme of the unpardonable sin as committed by the primary character, Aylmer, the repercussions of which result in the untimely death of his wife, Georgiana. However, there seems to be an underlying theme to the story that adds a layer to Hawthorne’s common theme of the unpardonable sin; when Aylmer attempts to reconcile his intellectual prowess with his love for his wife, his efforts turn into an obsession with perfecting his wife’s single physical flaw and her consequent death. This tragedy occurs within the confines of traditional gender
Bankruptcy as a financial management is a legitimate proceeding involving a person or business that cant repay outstanding debts. The general meaning of bankruptcy is the point at which somebody has credit debt that they are making payments on and can no more make those installment because of occupation misfortune, market investment losses or any kind of income loss that prevents them to make their installments schedule. At the point when a person can no more make these payment they seek for a financial company that specializes in bankruptcy. This firm will attempt to negotiate a settlement with the credit company and if that does not work will file for bankruptcy. There are structures to fill out which include one’s income, tax returns and
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.
An insolvent debtor may file a debtor’s petition for voluntary bankruptcy. The insolvent debtor must provide to the court a summary of 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 stated. However, an account that is open and unsettled is an account current.
Bankruptcy is a court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. There are two categories of bankruptcy, "liquidation" or "reorganization": Liquidation bankruptcy involves a consumer or business asking the court to discharge the debts owed (some debts cannot be discharged). In exchange, the business's assets or the consumer's property is sold (liquidated) and the proceeds are used to pay off the creditors. Reorganization bankruptcy involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.