Go to this text’s Web site at academic. cengage.com/blaw/clarkson and select “Chapter 30.” Click on “Video Questions” and view the video titled The River. Then answer the following questions.
(a) In the video, a crowd (including Mel Gibson) is gathered at a farm auction in which a neighbor’s (Jim Antonio’s) farming goods are being sold. The people in the crowd, who are upset because they believe that the bank is selling out the farmer, begin chanting “no sale, no sale.” In an effort to calm the situation, the farmer tells the crowd that “they’ve already foreclosed” on his farm. What does he mean?
(b) Assume that the auction is a result of Chapter 7 bankruptcy proceedings. Was the farmer’s petition for bankruptcy voluntary or involuntary? Explain.
(c) Compare the results of a Chapter 12 bankruptcy as opposed to a Chapter 7 bankruptcy for the farmer in the video.