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Grantham University BA 265 Business Law II Unit 7 Assignment Bankruptcy




Some of the factors that should be considered in deciding whether or not a debtor should be able to declare bankruptcy are: will it be joint or individual bankruptcy, debt to income ration, what type of bankruptcy it will be (Chapter 7, Chapter 11 or Chapter 13), what types of assets may be liquidated, what debts can be cancelled due to the bankruptcy (to gain financial perspective of the debtors overall situation) what is the reason for the bankruptcy (medical bills, student loans, insurance claims), what type of bankruptcy the debtor qualifies for, federal and state regulations that apply and finally, if the debtor can pay off all of their debts without filing for bankruptcy (Miller & Hollowell, 2011).;The most common type of bankruptcy is Chapter 7. Within Chapter 7 bankruptcy, the individual will turn


Paper#20993 | Written in 18-Jul-2015

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