Journal Entry – Chapter 15
Chapter 15: Creditors’ Rights and Bankruptcy – Chapter 15 – Journal Entry
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CREDITORS’ RIGHTS AND BANKRUPTCY (page 463)
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.
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?
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