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Bankruptcy and Reorganization - Essay Example

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Summary to essay on topic "Bankruptcy and Reorganization"
Let us look at the case of Beren first. Chapter 7 is considered to be a powerful tool while dealing with heavy debts. But it is not for everyone. The following are some of the situations in which a person can or cannot file for Chapter 7 bankruptcy. If a person is having enough income to fund a Chapter 13 repayment plan then he/she is not eligible…
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Download file "Bankruptcy and Reorganization" to see previous pages... If the remaining disposable monthly income is more than $166.66 then the person won't the means test and he is not eligible for Chapter 7.
A person cannot file for Chapter 7 if a previous Chapter 7 or Chapter 13 was dismissed within the last 180 days. The reason for this is the person might have violated the court,
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the court ruled his filing is fraud or constituted an abuse of the bankruptcy system.
From the above reasons there are high chances Beren might be granted his petition for involuntary bankruptcy. The other reasons that ruling go in his favor are the partnership debts, which is $380,000 and had $550 in the partnership bank account.
Chapter 7 or chapter 11 is filed when a troubled business decides that it is unable to service its debt or pay its creditors. With a federal bankruptcy court it can file bankruptcy protection under either Chapter 7 or chapter 11. Chapter 11 is an attempt to stay in business under the supervision of a bankruptcy court for reorganization. A complete or partial relief is granted by court from most of the company's debts and its contracts and company can make a fresh start. ...Download file "Bankruptcy and Reorganization" to see next pagesRead More
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