There are 3 primary types of bankruptcy: Chapter 7 (Liquidation), Chapter 11 (Reorganization), and Chapter 13 (Wage-Earners Plan). All 3 have advantages and disadvantages. Some are for businesses, and some for individuals. And some individuals do not qualify for all plans.
Using the cases and information below, describe the primary characteristicsof each form of bankruptcy. What is the goal of declaring bankruptcy? What do each of these chapters do? The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA 2005), significantly changed the rules for bankruptcy filing which forced millions of individuals who previously qualified for Chapter 7 into Chapter 13? What was the result of these restrictions with regard to consumers and banking?
https://www.supremecourt.gov/opinions/14pdf/14-400_f2ah.pdf
https://www.supremecourt.gov/opinions/16pdf/15-649_k53m.pdf(Links to an external site.)
http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-13-bankruptcy-basics
Keep the following in mind when drafting your essay:
1) When addressing legal opinions, use the IRAC method. IRAC stands for Issue, Rules, Analysis (sometimes referred to as application), Conclusion. Discussing an opinion using an IRAC will ensure that you address the relevant aspects of each opinion.
2) Write the essay in a manner where it is clear you understand the concept. Repeating concepts from the text does not illustrate to me that you understand the material. The best essays will include an example or illustration of the concept discussed.