Types of Bankruptcy

Introduction Bankruptcy refers to a federal court process in which repayment arrangements are made to allow an insolvent debtor to clear the outstanding debts. Bankruptcy is often declared when a company or an individual is so deep into debt that starting afresh is the only reasonable option. This paper compares and contrasts the five types of bankruptcy proceedings.Advertising We will write a custom essay sample on Types of Bankruptcy specifically for you for only $16.05 $11/page Learn More Different Types of Bankruptcy The first type of bankruptcy is referred to as liquidation. It can be accessed by individuals, matrimonial couples or business partners. The group or individual seeking to apply for this bankruptcy proceeding must first attend an interview conducted by an agent of a credit counseling agency. The agent is obliged to appear in court during the bankruptcy proceedings. Unlike the other types of bankruptcy, the applicant is delegated a truste e who is expected to oversee the selection of assets that are to be excluded from the bankruptcy. Apart from the assets selected for exemption, the remaining assets are to be sold, and the proceeds used to settle the outstanding debts. The second type of bankruptcy involves municipalities that want to adjust their debts. It is contained in chapter nine of the United States bankruptcy code. This type of bankruptcy is different from the rest because it only is suited for municipalities. Municipalities in this respect include towns, cities, school districts, and counties. The third type of bankruptcy applies to business corporations and is referred to as reorganization. Unlike in liquidation where a trustee is allocated, this type of bankruptcy allows the corporation to design its own restoration plans. These plans for reformation can comprise measures that try to restore the productivity of the company, consolidate debt and begin repayment. Unlike liquidation, the reorganization type of bankruptcy does not seek to purge all arrears immediately. On the contrary, a suitable payment plan is formulated to enable the business to keep all or most of its essential assets while paying its debts. The strategy for reorganization is ultimately ratified or dismissed by the court. The fourth type of bankruptcy involves fishermen and family farmers who have access to regular sources of income. Unlike liquidation, the applicant does not lose any of his assets.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The applicant is instead allowed to repay his debts out of his prospective earnings. A debt repayment plan is designed in a format that the applicant can observe. This bankruptcy is similar to the fifth type of bankruptcy since the debtor is allowed to design a plan for repayment in both cases. It is similar to liquidation with respect to the concept that a trustee is allocated to oversee the repayment. The fifth type of bankruptcy covers individuals who are not necessarily fishermen or farmers, but who must have regular sources of income. It resembles the previous type of bankruptcy since both types deal with people who have regular sources of income. However, unlike the previous, this type of bankruptcy is not restricted to specific professions. Like in liquidation, a credit counselor must be consulted. However, in this case, the work of the counselor is to establish the applicant’s ability to restructure his own debt payment plan. The fifth type of bankruptcy compares with the fourth and third since they all allow the applicants to retain their assets. Unlike liquidation, the insolvents do not acquire instantaneous absolution from debts. Conclusion There are five different types of bankruptcy outlined in the United States bankruptcy code. These types of bankruptcy apply to different individuals and companies and vary according to income, profession and level of debt. It is advisable that each individual or organization examines the different bankruptcy types before settling on one. This essay on Types of Bankruptcy was written and submitted by user Raquel Wilder to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Essay Topics: Essay Topics That Will Help You to Prepare For Your Future Career

Essay Topics: Essay Topics That Will Help You to Prepare For Your Future CareerThe selection of essays topics is a serious decision to make and you should make it carefully. You should not just rely on the commonest things that are found in a textbook and run with them.One problem with essay topics is that some topics might be very simple but contain content that would turn out to be very difficult. For example, a very simple topic might be something like 'date at a concert'. You might be able to write this easily but if you have to do research to understand the complex details that accompany that topic, you will be very confused. It is not a good idea to choose topics just because they sound good on paper.Make a point of writing about topics that would be useful for you. You need to think of things that would be relevant to your future career as well as to your current job. Make sure that you select topics that are related to your work and hence would be useful to you in your future career. Do not choose topics that you have forgotten or have little knowledge about.A study is usually not completed in one sitting; you need to set aside time and do your essays as per the deadlines that you set. However, you must make sure that your assignments are timely too.In addition to deadlines, the importance of writing timely essays is another important factor. So, you should spend time before starting the assignment and revise it after each read through. This will ensure that the content of your essay topics remains fresh and correct.A deadline helps you save a lot of time and stress in the process. However, make sure that you take a note of the deadlines that apply to the projects and try to find out other deadlines that may be similar to yours. If you do not have any deadlines that you would like to meet,try to attend conference talks and seminars that are related to your subject and find out whether there are any deadlines.Make sure that you use material that is usefu l to you. For example, if you are a history major, you can use older sources and knowledge, which can provide an insight to the current problems that you are facing in the world today. You can also take the help of experts in the field to help you decide on an essay topic that would fit you and would be useful in your career path.