Using IRAC, organize this issue into the various legal issues that arise, based on the concepts you just learned.

Michael and Holly are a newly married couple, who recently purchased their first home in Denver, Colorado. They purchased their first home for $$500,000,$ using an FHA loan where they only had to put down a $3\mathrm{.}2$ percent down payment $($$$16,000).$ Their total mortgage liability is $$484,000$; with a $5\%$ interest rate, their monthly payment is $$3,556\mathrm{.}55.$ Holly is the director of Human Resources at Starfleet, LLC$,$ where she takes home approximately $$10,000$ a month. Michael is still searching for work.

Michael needs a new car so he can drive himself to job interviews and improv classes. He goes to the local dealership, Cars N More to purchase a used Chrysler Sebring. The Sebring is listed for $$10,000$; Michael has $$1,000$ for a down payment and must finance the remaining $$9,000.$ Under his loan agreement with Cars N More, Michael must pay $$392\mathrm{.}83$ a month for $24$ months.

In addition to their home and Michael$$s new car, Michael has credit card debt of $$20,000,$ the majority of which is multiple magic sets. Michael and Holly pay approximately $$300$ a month toward this debt. The rest of their expenses, which include food, utilities, and insurance, total $$2,000$ a month.

How many secured transactions do Michael and Holly have? What makes them secured transactions?

What rights does Cars N More $($Michael$$s lender$)$ have if Michael fails to pay the $$392\mathrm{.}83$ monthly car payment?

If Holly loses her job and only takes in $$6,000$ unemployment a month, is Chapter $7$ bankruptcy an option to help alleviate their monthly expenses?

Powerpoints and texts to find the definition of the various issues. The rule portion should be at least a paragraph, if not longer. The third question, especially, should list all the requirements for a Chapter $7$ bankruptcy and apply it to Michael and Holly's case.