Business Law 13 |

Journal Entry – Chapter 15

Chapter 15: Creditors’ Rights and Bankruptcy – Chapter 15 – Journal Entry

Do not copy answers directly from the book or cut and paste from a site on the web.Using **any** kind of Wiki, including Wikipedia, is not appropriate.Please do your own work, in your own words, and use proper grammar and spelling, too.Upload your journal entry to the drop box.


Three months ago, Janet Hart’s husband of twenty years died of cancer.  Although he had medical insurance, he left Janet with outstanding medical bills of more than $50,000.  Janet has worked at the local library for the past ten years, earning $1,700 per month.  Since her husband’s death, Janet also receives $1,500 in Social Security benefits, and $1,100 in life insurance proceeds every month, giving her a monthly income of $4,300. After she pays the mortgage payment of $1,500, and the amounts due on other debts each month, Janet barely has enough left over to buy groceries for her family (she has two teenage daughters at home).  She decides to file for Chapter 7 bankruptcy, hoping for a fresh start.Answer the following questions, using the information presented in the chapter.

  1. Under the Bankruptcy Code after the enactment of the 2005 revisions, what must Janet do prior to filing a petition for relief under Chapter 7?2. How much time does Janet have after filing the bankruptcy petition to submit the required schedules?  What happens if Janet does not meet the deadline?
  1. Assume that Janet files a petition under Chapter 7.  Further assume that the median family income in the state in which Janet lives is $49,300.  What steps would a court take to determine whether Janet’s petition is presumed to be “substantial abuse” under the means test? 
  1. Suppose that the court determines that no presumption of substantial abuse applies in Janet’s case.  Nevertheless, the court finds that Janet does have the ability to pay a portion of the amount due on the medical bills out of her disposable income.  What would the court likely order in that situation?FOR TWO POINTS EXTRA CREDIT:

Rather than being allowed to file Chapter 7 bankruptcy petitions, individuals and couples should always be forced to make an effort to pay off their debts through Chapter 13. Do you agree or disagree and why?

Show more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10