Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy
Chapter 7 and Chapter 13 bankruptcies are full of advantages and disadvantages. But at the same time they are very different. Without knowing these differences a person could lose many things from money to possessions.
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.
Chapter 13 bankruptcy us mostly used to make up any type of debt payments and pay things off and in some cases it can be used to stop a foreclosure on a house. Chapter 13 bankruptcy cases usually last up to 5 years. During that time one would have to live under a strict budget that would require discipline. Most debtors that file for chapter 13 bankruptcy never pay back all their creditors all that they owe. That can ruin your credit because it stays on file for at least 10 years. Money management seminars are available to those that have paid 75% or more of their debt. Chapter 13 bankruptcy allows creditors to get at least some of their money back. Debtors keep all of their property and would out a compulsory, court-enforced plan to repay a portion of their debts over a certain period of time. With Chapter 13 bankruptcy some debts may be discharged but alimony and child support continue to be an obligation that must be fulfilled.
"We are told by his biographers, and apologists, that he hated slavery with a passion. But since he participated fully in the plantation slavery system, buying and selling slaves on occasion, and because he could not bring himself to free his own slaves, who often numbered upward of 200-250 on his plantations, one has to either question the verity of this passion or speculate that it was merely the abstract idea of slavery that he hated." (Smedley 189) Thomas Jefferson was always aware of the fact that slavery would soon one day be abolished but he made no efforts during his lifetime to accelerate the process. Jefferson was a wealthy plantation owner and politician that would speak out about slavery on a regular basis but would still employ slaves for his own use.
To be frank I think the entire first Document of the Declaration of Independence is extremely hypocritical. Nowhere stated in the excerpt, were slaves pointed out, but instead “all Men”. Does this “all men” include those of color as well, and not just whites? This document alone is hard evidence of why many believe Jefferson as being pro-slavery. On the other hand, Jefferson was entitled to have slaves, because that is pretty much what everyone practiced during this time. Yes, he knew slavery was complete and utterly wrong, but slavery was also popular among rich white men. As time passed Jefferson began the process of wanting to abolish slavery and even free some of the slaves that
Thomas Jefferson, a slave owner himself, originally wrote in the Declaration of Independence that all slaves should coexist with society, but he ended up revoking his opinions. Notes on the State of Virginia, written by Thomas Jefferson was a story that had conflicting ideas about African Americans and their role in society. During Jefferson’s time period, whites often regarded African Americans simply as slaves, or even a different species altogether. Slaves were regarded as culturally, physically, and mentally different from their white counterparts. Americans started to become dependent on their slaves, which made them want to keep their dominant relationship even more than before. Jefferson believed
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.
In the fifty years from 1776 until his death Jefferson did little to end slavery or dissociate himself from his role as the master Monticello. Notes on the State of Virginia Law as name by it self says is about the certain laws of Virginia during 1781-1784. During that time deep- rooted prejudices entertains by the whites (T. Jefferson). Thousand whites did not want slavery to be abolished and many other circumstances, would divide slaveries from whites, and produce convulsion. In Jefferson’s memory it looks like slavery are equal to the whites, but in reality much different. It looks like Jefferson had the theoretical interest about abolition. However, he thinks that once they free slaves, they can’t keep them no longer in America because slaves will hold grudges against whites and whites will have prejudice against blacks. “For if a slave can have a country in his world, it must be any other in preference to that in which he is born to live and labor for another” (T. Jefferson). In addition, When I read this primary source for me it looks like Jefferson worries about international breading. For example, he mentions on primary source that “when freed, he (slave) is to be removed beyond the reach of mixture… and might mix”. Throughout his life Jefferson expressed his fears of white society through contact with
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.
Thomas Jefferson also had some dark history. Thomas Jefferson owned many slaves. When Thomas was 14 his father died and left him a 3,000 acre slave plantation with about 30 slaves. At one point he owned up to 600 slaves. There are many people that say Mr. Jefferson may have had a long term relationship with one of his female slaves, Sally Hemmings. It seems that most people agree that they had several children together. It is hard now to imagine what it would have been like to grow up on a slave plantation and to inherit ownership of slaves. Thomas Jefferson must have had many feelings of slavery through the years. Maybe some of the things that he saw on his own plantatio...
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
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...
Forgiving past due payments will give the homeowner a real sense of starting over without an enormous amount of debt hanging over their heads; they will be able to see the light at the end of the tunnel. The banks/mortgage companies have already written off the debt as a loss and foreclosing on the homeowner is not going to make them any more money. The Bible says, "What does it prophet a man to gain the whole world and lose his soul." In Biblical days, everyone's debt was forgiven the seventh year. Now the bankruptcy courts have taken that away by making it ten years before debt can be erased from the files of those who filed for relief.
Among the study’s findings were that the deciding factor of the predictor of bankruptcy should not be only a few ratios, as the measure of a company’s financial solvency may differ as the firm’s situations differ. The important question is to which ratios are to be used and of those ratios chosen, which ratios are given priority weight.
He is almost sleeping while doing this. This creates a very powerful visual image. It epitomizes how the people left to grieve act. Many people stricken by death want to be left alone and bottle themselves up. The first few lines of the poem illustrate how deeply in sorrow the man is. This image should affect everyone. It should make the reader sympathize or even empathize with the man. Another main way he uses imagery is through the black bird or the raven. The presence of the bird is a bad omen. It is supposed to be followed by maleficent things. The bird is used to symbolize death figuratively and literally. The bird only says one word the entire poem. It repeats “nevermore.” This word can be interpreted multiple ways each time it is said. It is also possible that the bird is not talking. It is possible that the bird is an image created by
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.
“The Raven” by Edgar Allen Poe is a poem that was written during 1800-1850. It tells the story of a young man mourning over the loss of his love, Lenore. One night he was reading “forgotten lore” as a way to rid his mind of his lost love. But as he was reading, he heard a “rapping at his chamber's door” it first reveals nothing when he goes to investigate the noise. But when the noise arises again, he goes to check and it is a Raven, who just sits “On a bust of Pallas above the door”. Then, he begins to ask the Raven questions. He asks whether or not he'll be reunited with his love again in Heaven, to which the Raven replies, “Nevermore.”Poe. Before he began inquiring about his lost love, he noticed a strong smell of perfume and began to call himself a wretch, thinking he's gone crazy. He realizes that it is the Raven's doing. This angers the narrator and he begins to call the Raven a “thing of evil” and a “prophet”.Poe At the end, the narrator admits that his soul is trapped under the raven's shadow and shall be lifted, “Nevermore.”. Poe This poem is a fantastic representation of life in America during the 1800's. During the Romantic period, it validated strong emotion, placing emphasis on emotions like apprehension, horror and terror, and awe. In “The Raven”, you can see that Poe was putting emphasis on awe, as the narrator was a suprise by the Raven at first.