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For this assignment, you were to respond to the questions regarding bankruptcy. I was looking for you to explain the difference between the different bankruptcies explanation as to why are these...

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For this assignment, you were to respond to the questions regarding bankruptcy. I was looking for you to explain the difference between the different bankruptcies explanation as to why are these differences important. I was also looking for you to use the library, internet, or other available resource to support the ideas in your response. Overall, you did a good job responding to the assignment, although I would have liked to have seen a bit more depth of detail in the analysis regarding the difference between intentional torts and negligence, and why the differences are important. Remember I am looking for students to always cite references in the text of the response to support the key concepts in your posting and really dig deeply in the analysis.
Answered Same Day Dec 26, 2021

Solution

David answered on Dec 26 2021
109 Votes
Bankruptcy
 Who can file Chapter 7 bankruptcy?
An individual can file for bankruptcy if they meet chapter 7 requirements. Also, an
individual may be a debtor under chapter7 if he/she, within 180 days of filing, been
eceiving credit counseling from a credit agency in an individual or group
iefing. A
ankruptcy judge can convert the case to chapter 13 repayment plans if the individual is
capable of paying the debt.
 What are some reasons that people file bankruptcy?
1. Medical bills
Sixty-two percent of people file bankruptcy for medical bills (Smith, n.d.).
2. Job loss
If people lose their jobs or there’s’ been a cut of overtime they won’t be able to
pay their bills.
3. Bill collectors
If bill collectors call a million times a day, at work, at home and the neighbor’s
house, people file for bankruptcy just to get some peace.
4. Garnishments
If people paycheck drop from $500 to $130 they will run straight to a bankruptcy
lawyer to feed their family.
5. Credit...
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