Final Exam - FinalExam Business Law II (BA265) Robert...

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Final Exam Business Law II (BA265) Robert McGill 30 August 2011
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Final Exam  1 In the United States, bankruptcy proceedings provide a way for a debtor, who is unable to pay his creditors, to resolve his debts through a supervised division of assets among his creditors. One of the methods of bankruptcy allow certain debtors to free themselves of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full. Bankruptcy law is federal law that was passed by Congress through the Bankruptcy Code under its Constitutional authority to " establish uniform laws on the subject of Bankruptcy throughout the United States . 1 " States may not regulate bankruptcy law, though they may pass laws that govern other aspects of the debtor-creditor relationship. Bankruptcy proceedings are supervised by and litigated in the United States Bankruptcy Courts which are a part of the District Courts of The United States. The United States Bankruptcy Courts are managed by Trustees, whose office was established by Congress to handle many of the supervisory and administrative duties of bankruptcy proceedings. There are several different forms of bankruptcies. There are Chapter 7, 11, 12, &13 bankruptcies. We will discuss the Chapter 7. Under Chapter 7, all of the debtor's assets are fully liquidated.
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This note was uploaded on 11/16/2011 for the course BUSINESS BA265 taught by Professor Various during the Spring '11 term at Grantham.

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Final Exam - FinalExam Business Law II (BA265) Robert...

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