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Essay

Buisness Law

Essay specific features

 

Issue:

Business

 

Written by:

Harry T

 

Date added:

March 24, 2012

 

Level:

University

 

Grade:

A

 

No of pages / words:

5 / 1148

 

Was viewed:

3122 times

 

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Essay content:

Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. An additional purpose of bankruptcy law is to allow certain debtors to free themselves of the financial obligations that they have accumulated even if their debts have not been paid in full...
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A filing under Chapter 7 is called liquidation which is the most common type of bankruptcy proceeding. It involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Bankruptcy under Chapters 11, 12, and 13 involves the rehabilitation of the debtor to allow him to use future earnings to pay off creditors...
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