Topic of Bankruptcy: A good friend of yours has had serious financial misfortunes lately.
Not what you're looking for?
If a good friend of yours has had serious financial misfortunes lately and is unable to meet her debt payments, what advice can you give? Be sure to include the topic of bankruptcy because she has heard that it eliminates all your credit problems. In your discussion, distinguish between straight bankruptcy and a wage earner plan. Use the Library and other Internet sources to supplement your information.
Purchase this Solution
Solution Summary
This solution discusses the topic of bankruptcy in detail in 631 words.
Solution Preview
If a good friend of yours has had serious financial misfortunes lately and is unable to meet her debt payments, what advice can you give? Be sure to include the topic of bankruptcy because she has heard that it eliminates all your credit problems. In your discussion, distinguish between straight bankruptcy and a wage earner plan. Use the Library and other Internet sources to supplement your information.
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization.
The most common reasons for filing bankruptcy are:
1. Unemployment: Large medical expenses; Seriously overextended credit; Marital problems, and;
2. Other large unexpected expenses.
Purpose
The primary purpose of the laws of bankruptcy are: (1) to give an honest debtor a "fresh start" in life by ...
Purchase this Solution
Free BrainMass Quizzes
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Basics of corporate finance
These questions will test you on your knowledge of finance.
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking