Bankruptcy, today, is a very common thing among companies and individuals alike. Sadly enough there were as many bankruptcy cases filed in federal courts, as there were all other cases. The American bankruptcy law allows people to avoid paying their debts, by offering the debtors a discharge, which eliminates all their legal responsibilities. However, bankruptcy is a controversial issue amongst religious members of the Jewish population, for one must question whether it is morally correct to avoid paying a dept by filing for bankruptcy. According to the torah, a debt is an obligation that must be fulfilled. Consequently, if a bankruptcy discharge is invoked, under the strictness of Jewish law, one is still required to pay back the money no matter how long it may take him. According to Bais Din the debtor must hand over his property, with a few exclusions, to the creditor, and if this does not cover what he owes the creditor, then every time the debtor acquires new assets, he pays the creditor until he no longer owes him anything.
According to Halacha there is a way for the debtor to be discharged. This is through “Yeush”. This term denotes that this is the point where a person no longer believes he will recover the object he has lost. In this case, the creditor loses hope of being paid back the money the debtor owes him. Therefore the debtor is free from his obligation to pay the creditor. According to some poskim, yeush does not discharge the debtor, unless the circumstances, such as where the debtors fields are ruined by a flood, the debtor is in, makes the creditor lose hope of ever being paid back According to others, yeush can discharge the debt if the debtor becomes impoverished only and not because he didn’t want to pay back his debt.
If the debtor does not become discharged through the creditors yeush, there is one of two ways to obtain a bankruptcy discharge through halacha. The first way is through liquidation. This is where the debtor hands over all his property, with keeping some exempt property, and this covers his debt to the creditors and he is now free of his obligation to pay them. The second way is through reorganization. The debtor makes a plan to repay his creditors over a number of years, with a minimum payment required for each year. When he has finished with these payments,...
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...t that the halacha is in accordance with one aspect of the debate, this being called “kim li”. Now the plaintiff, the creditor, can only win if he proves his case according to the view chosen by the defendant. In this case of a “kim li”, bais din has to determine whether dina d’malchusa dina applies to a bankruptcy discharge. As mentioned above, the Rema states that it does, and therefore the defendant may win this case and be free of debt. However, there is a question now as to whether the defendant should pay the creditor because of religious obligation. In a regular bankruptcy discharge, the debtor is free of all his debt and thus it may assumed in this case that the defendant is free from debt because of the use of “kim li”.
Working through secular law, unfortunately, may be the only way to clear debts owed between many. Although it is not the preferred way to do business, especially between religious Jews, it is the way the world works and it makes it easier to get rid of the debt between Jews and non-Jews. This paper is a very revised version of bankruptcy and the Halacha perspective, but I hope it provides all the information that is necessary.
The goal was to have a powerful active and judicial branches along with a stronger legislative branch which would make up the National Government. This new Government would have the power to regulate interstate commerce, the army and taxes. (Daniel, P.14, 2010) The overall difference is the Articles of Confederation give each state its sovereignty and independence while the New Constitution makes federal laws the so called “Laws of The Land” (Daniel, P.14, 2010). Overall once federal laws are set into place all states must adhere to
The thirteen states formed a Confederation referred to as the “league of friendship” in order to find a solution for common problems such as foreign affairs.The Articles of Confederation was the nation’s first Constitution. The articles created a loose Confederation of independent states that gave limited powers to the central government. Each state would have one vote in the house of Congress, no matter the size of the population. Members of the one-house Congress, such as Pennsylvania, agreed that the new government should be a unicameral legislature, without an executive branch or a separate judiciary. Under the articles, there wasn’t a strong independent executive. There wasn’t any judicial branch but Congress had the authority to arbitrate disputes between states. Congress was responsible for conducting foreign affairs, declaring war or peace, maintaining an army and navy and a variety of other lesser functions. But the articles denied Congress the power to collect taxes, regulate interstate commerce and enforce laws. Because of this, the central government had to request donations from the states to finance its operations and raise armed forces.
Debt is heavy. It sits on your shoulders and weighs you down. Debt is also addictive. It 's easy to throw something on credit when you don 't actually have the money to buy it. It gives you instant gratification, and that can feel good - in the moment. But, for many people, there comes a point where they can 't use their credit anymore and debt is all they are left with. The stress of having to pay it all off can take its toll on your happiness and health, so you must come up with a way to get out of debt and start living a debt free life. Following are two things that will help you get out of debt once and for all.
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.
Corporate bankruptcy is an important issue for investors, debt holders, and managers. The implications of bankruptcy proceedings can have a tremendous impact on economic outcomes; thus, it is vital for all parties to be versed in the framework and procedure of a bankruptcy. This study will attempt to address several issues, such as the costs of bankruptcy between Chapter 7 and Chapter 11, the risks undertaken in proceedings (looking primarily at APR violations), and conflicts of interest amongst the aforementioned agents of a bankruptcy proceeding. Initially, a historical summary of U.S. bankruptcy laws will be undertaken, as bankruptcy code has been reformed quite frequently.
So far, implementing real life fat taxes has been a lot of trial and error. There have been very few fat taxes implemented in the world, and many have been unsuccessful. An example from Denmark shows how fat taxes fail as a result of improper administration. Denmark initiated the world’s first fat tax, and it has been used for the precedence of many studies. Their tax had an applied surcharge to foods containing 2.3 percent or more of saturated fat (Good Morning America 1). The tax was 16 kroner per kilogram or $2.90 per 2.2 pounds (Good Morning America 1). Even the final proposal for the Denmark fat tax was flawed because people believed the taxes on meat did not match up to the quality of meat
The United States Constitution and the Articles have several ever present difference that some considered to be too radical. In terms of levying taxes, the Articles Congress could request states to pay taxes while with the Constitution; the Congress has the right to levy taxes on individuals. The Articles government had no court system while the Constitution created a court system to deal with issues between citizens and states. The lack of provisions to regulate interstate trade the Articles possessed created large economic problems, leading into a depression in the mid 1780's. The Constitutional Congress has the right to regulate trade between states. The Constitution has a strong executive branch headed by our president who chooses cabinet and has checks on power of the other two branches; the Articles had no executive with power. The president merely presided over Congress. The Articles took almost 5 years to ratify due to the fact that 13/13 colonies needed to amend the Articles before it could go into affect, with the Constitution, 2/3 of both houses of Congress plus ¾ of the states legislatures or national convention had to approve. During the years under the Articles, foreign soldiers occupied US forts during our early years, we were unable to force them out due to the fact that Congress could not draft troops, and they depended on the states to contribute to the forces. Under the Constitution we have the ability to raise an army to deal with any sort of military situations. In terms of passing laws, under the Articles 9/13 states needed to approve legislation while under the Constitution, 50% plus 1 of both houses plus the signature of the president is needed to pass a law. The Articles had a huge problem when it came to state representation. Under the Articles every state only received one vote, regardless of its size, this hindered the power of the larger states. With the Constitution, the upper house (Senate) has 2 votes and the lower house (House of Representatives) is based on population. When two states had disputes the Articles had a complicated system of arbitration to go through before any resolution was reached, under the Constitution, the federal Court system handles disputes between states.
Driving while drunk is one of the very dangerous things in the life of a driver. Drivers who work under high Blood Alcohol Concentration also known as (BAC) usually expressed as a percentage of ethanol in the blood consisting of alcohol per volume of blood or alternatively mass of alcohol per mass of blood. These drivers are at a great increase of car risk accidents, vehicular deaths as well as highway risks. Drinking under the Influence commonly known as DUI simply refers to driving a motor vehicle while one has level of alcohol in their blood exceeding the legal limit. This is not limited to alcoholic content but covers other drugs that include but are not limited to prescription drugs. This leads the driver to lack coordination, experience double vision, brief blackouts and have a slurred speech. Driving under the influence causes brain impairment leading to a person feeling that they can manage a situation just like they have always handled it before. This is always as a result of poor reasoning and judgment which leaves one vulnerable to the deadly effects of drunk driving.
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.
A person can be blurry and feel loss of vision for a couple hours after consuming alcohol, but that certainly has a negative impact while driving. First of all, it is illegal to drive while one is still under the influence anywhere in the United States. Alcohol may not only give a person short term blurriness, but also a possibility of losing vision completely. Alcohol slows down the speed of communication between the brain and the body. Once communication is slow between the body and the brain, eyes will not be able to communicate as effectively like they used to when the person was normal, which makes one have poor vision. A person who is driving while he is still drunk may not be able to focus on driving. For example, if a person is under the influence of alcohol he/she will have a hard time keeping a car on the lane and possibly end up colliding if he/she is over
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
The Bankruptcy Code can be found under Title 11 of the United States Code (U.S.C.); this code is then divided into chapters 1, 3, and 5 which provide provisions concerning bankruptcy case and debtors. These chapters are then applied to six specific types of bankruptcy relief classified as Chapters 7, 9, 11, 12, 13, and 15. For businesses companies they mainly file for Chapters 7, 11, 12, and 13. Even though bankruptcy is a federal law, state laws can apply its own ba...
Driving while intoxicated or drunk is very dangerous resulting in injuries and even death. This is a huge national problem that can be prevented from happening. “Statistics reveal that most related accidents are the leading cause of death for the ages between 16-24.” (Hanson) Many teens and early adults are peer pressured to drink and end up driving intoxicated or drunk. When driving intoxicated, your short term memory and at often times your reflex is also impaired so you don’t have that quick response to go from pressing the gas pedal to your brakes or from swerving. Therefore, drinking and driving is a cycle that will never end. However, we can address this by stopping drunk drivers by making cabs mandatory at any location when needed, sobriety check points, and alcohol education classes.
Drinking and driving is a serious and dangerous problem around the world for many people. Many people every year are killed or injured because of drunk drivers. When a person’s blood alcohol content, known as BAC, is over the legal limit he becomes much more impaired and are at a higher risk of hurting himself or others while driving on the road. The majority of people who drive when under the influence of drugs or alcohol do not believe that their skills are affected until after they face a challenging or dangerous situation. It is then they realize their coordination and ability to think and respond according to the certain situation is affected. Driving under the influence of alcohol and drugs make people drowsy, causes problems with focusing
Player is required to give his property to others when he bankrupt or owes the player money.