Bankruptcy law is exclusively federal law and, in 2005, the bankruptcy abuse prevention and consumer protection act
Question:
Bankruptcy law is exclusively federal law and, in 2005, the bankruptcy abuse prevention and consumer protection act was passed by congress that made it more difficult for debtors to file for bankruptcy and to have their unpaid debt discharged.
Write an essay in which you have to explore the various chapter filings and gain a better understanding of the process to file for bankruptcy.
In addition, you will review the liability issues associated with general and limited partnership and the differences between a general partnership and a limited partnership.
Address the following:
1. Explain the four main chapter fillings of bankruptcy.
2. Review the court case concerning tort liability of general partners, Zuckerman v. Antenucci (click here to download the case details) after reviewing the case, answer the below questions: what is joint and several Liabilities? How does it differ from joint liability? The court held that both partners in this general partnership were liable for the tortuous act and, after this case was settled, both partners decided to dissolve the partnership; however, there were several creditors’ owed monies. Which of the general partners are responsible and to what extent are they responsible? Which of the four chapter filings could a general partner file bankruptcy under and why?
Statistics for Business and Economics
ISBN: 978-0321826237
12th edition
Authors: James T. McClave, P. George Benson, Terry T Sincich