Case Study Bankruptcy (Essay Sample)

Instructions:

Type: Essay (any type)
Subject: Other / Business Law for Commerical Trasactions
Topic: Writer's choice
Style: APA
Number of pages: 1 pages (275 words)
PowerPoint slides: 0
Additional:
Number of source/references: 3
Order instructions:
Select two of the three case studies. Cite your sources in APA format on a separate page. Name your document SU_BUS3055_W4_A2_LastName_FirstInitial.doc. Case Study 1: Bankruptcy Devon lost his job as a logistics manager earning $65,000 a year when his former company downsized in 2011; however, he found a new job eight months later as a logistics supervisor for a small company in Jacksonville, Florida. Devon took a significant cut in pay and now earns $46,000 a year. Devon is divorced and claims the following debts. •Home mortgage in Florida $173,000 •Child support $440 monthly •Credit cards $14,000 •Student loans $24,000 During the last four months of unemployment, Devon did not pay his mortgage and the bank sought to initiate foreclosure proceedings. Devon filed a bankruptcy petition under Chapter 7 of the Bankruptcy Code. Based on federal and state bankruptcy laws, answer the following questions: •Is Chapter 7 the appropriate bankruptcy provision for Devon’s case? •If Chapter 7 is not appropriate, provide another option and reasons for your selection. •Address the status of the debts Devon listed under Chapter 7 and any other provision of bankruptcy you select. Case Study 2: Consumer Protection Marshall purchased a new Ford truck to use in his air conditioning and heating business. The truck required three trips to the dealership for repair in the first month and continued to suffer from a variety of mechanical problems. Marshall claimed he should be entitled to relief under the state’s lemon laws. While waiting on a response from the dealership and his attorney, Marshall stopped paying the note due to the bank. The bank turned the debt over to a collection agency. The agency called Marshall at his home, office and on his cell phone during all hours of the day, including early mornings and late at night. Marshall claims the callers threatened to have him arrested if he did not pay. •Discuss Marshall’s rights under your state’s lemon laws. •Discuss Marshall’s right related to the debt collectors. Case Study 3: Insurance Darrien owns a dry cleaners that also offers pickup and delivery service. One day when Darrien was exceptionally busy, the company van broke down, so he allowed one of his employees, Nick, to use Nick’s personal vehicle to pick up and deliver laundry. At 17, Nick only obtained his driver’s license four months ago. While making deliveries, Nick was involved in an accident that was his fault. Using your state’s insurance laws, explore the various types of insurance involved and determine whose liability insurance is responsible for payment of damages and/or injuries? Explain the reason for your selection and support it with laws, cases or other appropriate examples.

source..

Content:

Institution Affiliation
Studentâ€™s Name
Instructorâ€™s Name
Date
Case study Bankruptcy
Chapter 7 of the bankruptcy law is not the appropriate for Mr. Devon. If Mr. Devon files a petition based on chapter 7 of bankruptcy he will fail, the bankruptcy mean test (Foote, Gerardi. & Willen 2008). He will fail the bankruptcy petition on the two bases of his type of his debts. He has two categories of debts that are not dischargeable in a chapter 7 case. Mr. Devonâ€™s petition will fail means test on the basis that he has debts not dischargeable by the chapter 7 of bankruptcy. Domestic support debts and other divorce-related obligations; including property settlement debts (Porter, 2008). Debtors for most educational benefits and student loans not dischargeable unless the court finds that not discharging the debtor will cause undue hardship on the debtor and his or her dependents (Porter, 2008).
Chapter 13 of the bankruptcy law would suit Mr. Devon bankruptcy case. Chapter 13 will enable him protect his home, and have all his other debts discharged at the expense of his mortgage (White &Zhu, 2009). Chapter 13 will help him curb the foreclosure of the mortgage, he also be partially forgiven on the mortgage.
Case Study Insurance
The case facing Mr. Nick if declared entirely his fault, and he be the "insured self" it falls under the insuring agreement known as the "Insuring Clause" which provides that the insurer will pay the damages for property damage and personal bodily damage for which the insured is legally responsible for the auto accident ...

Get the Whole Paper!

Not exactly what you need?

Do you need a custom essay? Order right now:

Order

Case Study Bankruptcy (Essay Sample)

Other Topics: