...40,075 for business filings, and 1,181,016 for non-business filings. This leads to a total of 1,221,091. In regards to non-business filings, of the 1,181,016, Chapter 7 bankruptcies accounted for 816,271, Chapter 11 accounted for 1,461, and Chapter 13 accounted for 363,280. Some interesting statistics to note are that total non business bankruptcies dropped from over 1.5 million in 2010 to just over 1.35 million in 2011, and as mentioned 2012’s non business bankruptcies totaled 1,181,016. It is a good sign for the economic recovery that bankruptcy declines have occurred for 2 straight years. The declines have also been consistently dropping between all 3 chapters. Chapter 7 non-business bankruptcy filings were 1,100,116 in 2010, the highest since 2005, however they dropped to nearly 800,000 in 2012. While the decline in non-business bankruptcies has not been so dramatic for chapter 11 and chapter 13, the numbers are still dropping from 2010’s total (American Bankruptcy Institute, 2014). The decline in bankruptcies shows signs that the number of businesses who are “buried in debt” is beginning to subside. The goals of modern bankruptcy law are to provide relief to these debtors who have excessive debt, and to provide a fair means of distributing a debtor’s assets among creditors. Attempting to find the right balance between the rights of the debtor and the rights of the creditor is thus the overall objective of modern bankruptcy law. One major change in bankruptcy law occurred...
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...non-bankruptcies in 2012, and the total number of business bankruptcies in 2012. My findings concluded that the total number of bankruptcies in 2012 which consists of business and non-business fillings which includes the states and D.C. was 1,232,294 (ABI, 2013). The total number of non-business filings in the states and D.C. in 2012 was 1,232,294. The report shows that there were 811,789 non-business Chapter 7 filings and 352,553 non business Chapter 13 filings in 2012 (ABI, 2013). My reports also show that amongst the 57,527 business filings in 2012 that 7,760 filed for Chapter 11, 97,167 filed for chapter 7, 12,485 filed for Chapter 13, and 115 businesses filed for Chapter 15 (ABI, 2013). With the information provided we can conclude that more companies file for Chapter 7. Filing for Chapter 7 means that a business simply does not have the income to repay any portion of their debts. In this case many of the assets will have to be turned over, and this can make it hard for the business to continue to operate, and it may involve the liquidation of the business (All Law, 2013). Now chapter 13 came in second place with 12,485 filings, and with Chapter 13 this is usually the best option for businesses. There is no asset-sale in a Chapter 13, but businesses do need to demonstrate that you have a sufficient income that will allow them to repay a portion of their debts (All Law, 2013). One way in which business can protect themselves from losses due to customers...
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...Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. Most cases are filed under the three main chapters of the bankruptcy code. They are Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court. Below is a high-level summary on each bankruptcy code: Chapter 7 – Liquidation under the bankruptcy code: The chapter of the Bankruptcy Code providing for "liquidation," ( i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.) Chapter 11 - Reorganization under the bankruptcy code: The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.) Chapter 13 – Individual debt adjustment: The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) To some extent, Chapters 11 and...
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...Do Bankruptcy Laws unjustly favor Lenders? Intro Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Bankruptcy law provides for the development of a plan that allows a debtor to resolve his debts through the division of his assets among his creditors. Although the goal of the modern bankruptcy is to allow the debtor to have a “fresh start,” and to be granted relief of some liability, there haven’t been any regulators to protect consumers or debtors since the first Bankruptcy Law that the Congress passed in 1797 which lead to imprisonment of thousands of debtors. And it wasn’t till 1841 that the debtor could voluntarily go into bankruptcy and so avail himself of this privilege of discharge. The Federal Bankruptcy Act of 1898 had 3 principal objects in view: 1. To prevent preferences and ensure equality in payment as between the creditors of insolvent debtors; 2. To punish and discourage commercial fraud; and 3. To discharge honest debtors from their debts when overwhelmed by financial misfortune through no fault of their own. The act gave creditors collectively full power over the administration of insolvent estates and placed upon them the responsibility for enforcement of the act. New Legislation The new Legislation enacted by Congress called the Bankruptcy Abuse and Consumer Protection Act was intended to make it more difficult for debtors to file a Chapter 7 Bankruptcy under which most...
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...Bankruptcy Under Chapter 7 Introduction Bankruptcy under chapter 7 in the United States was crafted to ensure the liquidation process is carried out in a procedural manner without subjecting unnecessary losses to other businesses. The bankruptcy code for liquidation states that, in case of businesses inability to fulfill its creditors’ obligations, the debtors assets shall be sold nonexempt and the proceeds from the sale distributed to the creditors. There are various notes, which govern the execution bankruptcy case under chapter 7. The monthly current income which is received by the debtor in reference to bankruptcy code is defined as the average monthly income which is received on average over the last six months prior to commencement of the bankruptcy case. This average income includes contributions directed towards household expenses received from non-debtors which includes debtors’ spouse when the petition if filed jointly. However, this note does not include any proceeds and income received by the debtor from social security income as well as certain payments made due to the debtor been a victim of certain crimes (United States Courts 1). In order to determine whether a presumption of any kind of abuse arises, every debt that holds a consumer debt and files a bankruptcy case under chapter 7 is statutory required to complete an official bankruptcy form B22A. This is a vital and indispensable document for use in the case known as “Statement of Current Monthly Income and...
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...United States House passed a business sought bankruptcy bill with a 302-126 vote, while the Senate had passed it on March 10th, with a 74-25 vote. Bankruptcy reform was initially introduced in 1998, but had difficulty in getting passed until now. This bill is a huge victory for credit card companies and retailers, but will undoubtedly affect millions of Americans in a negative manner (www.onlin.wsj.com/20050415). The bill is the first major change to the bankruptcy laws in twenty-seven years (www.pbs.org/3.25.05). The bill will make it harder for consumers to eliminate their debt with the use of bankruptcy. There are now new restrictions and a “means-test”, which determine if consumers can have their debts erased by Chapter 7 bankruptcy or Chapter 13 bankruptcy. The bill also makes attorneys liable for any inaccuracies in their clients’ bankruptcy filings. This bill has several controversial issues associated with it and will be explained later, along with the actual provisions of the bill. To understand the controversy, one must first understand what bankruptcy is and the difference between Chapter 7 and Chapter 13 bankruptcy filings. Chapter 7 bankruptcy is a liquidation proceeding in which the debtor turns over all of their non-exempt property to a bankruptcy trustee who converts it to cash to pay off the creditors. Within four months, the debtor is usually relieved of all obligations. In many cases, the debtor has no assets to lose, so Chapter 7 gives the individual a...
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...Chapter 01 Legal FoundationsChapter 01 Legal Foundations 1. Much of the origins of the law dealt with issues related to _______. ________________________________________ 2. When the United States Supreme Court formally recognized their role in achieving equality for all Americans during the civil rights movement, they were following a ________ philosophy. ________________________________________ 3. Attorneys who work for a company and are part of the executive or mid-level management team are specifically referred to as ________ counsel. ________________________________________ 4. Attorneys, particularly in a business context, are also referred to as _______. ________________________________________ 5. Measures of judicial action intended to compensate an injured party in a civil law suit are called _______. ________________________________________ 6. Equitable rules used in the context of Common Law rules that guide courts in deciding cases or controversies are called equitable _______. ________________________________________ 7. Judicial opinions are also known as the ________ of the case. ________________________________________ 8. A collection of uniform legal principles focused on a particular area of traditional state law is called ________ of the law. ________________________________________ 9. Trial lawyers are also referred to as _______. ________________________________________ 10. ________ are recognized as binding...
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...Chapter 01 Legal FoundationsChapter 01 Legal Foundations 1. Much of the origins of the law dealt with issues related to _______. ________________________________________ 2. When the United States Supreme Court formally recognized their role in achieving equality for all Americans during the civil rights movement, they were following a ________ philosophy. ________________________________________ 3. Attorneys who work for a company and are part of the executive or mid-level management team are specifically referred to as ________ counsel. ________________________________________ 4. Attorneys, particularly in a business context, are also referred to as _______. ________________________________________ 5. Measures of judicial action intended to compensate an injured party in a civil law suit are called _______. ________________________________________ 6. Equitable rules used in the context of Common Law rules that guide courts in deciding cases or controversies are called equitable _______. ________________________________________ 7. Judicial opinions are also known as the ________ of the case. ________________________________________ 8. A collection of uniform legal principles focused on a particular area of traditional state law is called ________ of the law. ________________________________________ 9. Trial lawyers are also referred to as _______. ________________________________________ 10. ________ are recognized as binding...
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...DEPARTMENT OF POLITICAL SCIENCE AND LAW MONTCLAIR STATE UNIVERSITY Course LAWS 200-01 Introduction to Law Semester Spring 2013 Mondays 10:00am – 12:30pm DI 181 Instructor Marc A. Schwartz Email: schwartzm@mail.montclair.edu Office Hours By appointment Texts D. Carper Understanding the Law, 6TH edition G. Stern The Buffalo Creek Disaster Course Requirements Examinations: There will be two in-class examinations and a final examination. Each will count for 20% of your final grade. If you miss an examination, it is your obligation to contact the instructor by email within 12 hours of the missed examination. The failure to so contact the instructor will result in a grade of “0” for that examination. Examinations are scheduled as follows: Examination No. 1 February 25, 2013 Examination No. 2 April 8, 2013 Final Examination May 13, 2013 (10:15am –11:30am) Writing Assignment: You are to submit a paper based on your observation of a court proceeding. The paper must be a minimum of four pages in length. Papers that are not typewritten, double spaced and stapled will...
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...UNIVERSITY OF ILLINOIS Department of Business Administration Business Administration 300 Syllabus Spring 2014 Professor Mark E. Roszkowski 394 Wohlers Hall 333-0886 (Office) 333-4240 (Department Office) Office Hours 1:15-3:00 Tu, W Mailbox: 350A Wohlers Hall Texts: Legal Environment of Business from Business Law: Principles, Cases, and Policy (Seventh Edition 2011) by Mark E. Roszkowski (Selected Chapters, Custom Edition, Stipes Publishing L.L.C.) Business Administration 300 – Legal Environment of Business – Lecture Outlines (2013-2014) by Mark E. Roszkowski, Stipes Publishing L.L.C. COVERAGE DATE Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th TOPIC INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION TORT LAW FIRST EXAM TORT LAW TORT LAW TORT LAW PRODUCTS LIABILITY PRODUCTS LIABILITY PRODUCTS LIABILITY PRODUCTS LIABILITY SECOND EXAM ASSIGNED READING Jan. Feb. Mar. Apr. 21 23 28 30 4 6 11 13 18 20 25 27 4 6 11 13 18 20 1 3 8 10 Chapters 1-2, Chapter 3 (58) Chapter 5 (91-92, 98-110) Chapter 19 (361-364, 365-367, 372-373) Chapter 20 Copyright 2014 Mark E. Roszkowski, all rights reserved. 2 DATE Tu Th Tu Th Tu Th Tu TOPIC 15 17 22 24 29 1 6 AGENCY AGENCY AGENCY AGENCY AGENCY AGENCY THIRD EXAM ASSIGNED READING Apr. Chapter 40 (729-743, 749-750) Chapter 41 May GRADING 1. The grading system is as follows. All examinations...
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...PROBLEM CASE 13: CHAPTER 5, PROBLEM CASE 11 CHAPTER 6 Julius R. Reed Grand Canyon University: Business 240: Ethical and Legal Issues in Business May 13, 2014 Chapter 5 – Problems and Problem Cases: Problem 13 Garelli Wong & Associates, Inc (GW) filed suit against Williams Nichols who was a former employer of their firm. GW claims that Nichols used confidential information that was in a database that the firm maintained. GW contended that Nichols was in breach of contract and referenced the Consumer Fraud and Abuse Act (CFAA). Based on their claims, the court will rule in favor of Nichols and dismiss the plaintiff’s case. The plaintiff failed to state a claim upon which relief could be granted. Specifically, Nichols did not meet any of the requirements outlined in the CFAA. Nichols did not transmit information or cause damage without authorization to a protected computer. Nichols was a former employee of CW: therefore he had authorization to the computer with the database. Nichols did not intentionally access the computer without authorization, or cause any type of loss to CW. Nichols was right to request dismissal of the plaintiff’s claim. Based on their claim, no relief would be granted. Nichols did not impair the integrity or availability of the information in the database. Any firm will risk the chance of a former employee leaking information to a new employee. CW should have been more specific in their contract for employee’s who had access to confidential information ...
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...Robyn Carter Forensic Accounting Data Analysis Bill Makkkawi October 13, 2009 Bankruptcy Fraud What is Bankruptcy? Bankruptcy is a way for individuals or businesses to satisfy debts. There are four types of bankruptcy. There is Chapter 7 which is a complete liquidation for individuals. Chapter 7 bankruptcy liquidates assets that are not exempt and uses the proceeds to pay creditors. In this bankruptcy creditors may be paid in full or a percentage based on the assets that were available. There is Chapter 11 which is for a business. Chapter 11 allows a business to reorganize its operation and finances so that it can pay its creditors. Sometimes in Chapter 11 another entity may take over the original entity in the reorganization. Creditors are told to give the entity time to reorganize and pay the debts. Then, there is Chapter 13 which is reorganization for individuals. Chapter 13 gives individuals a chance to pay creditors over 3 to 5 years through a Bankruptcy Trustee. Most assets can be kept depending on what percentage of the debts will be paid. If the debtor is paying the creditors in full then they would be able to keep all of their assets. This is only available for debtors with verifiable disposable income. The last type is Chapter 12 which is for farmers and fishermen (LII / Legal Information Institute). After completion of whichever chapter used, the creditor gets a “fresh start”. White Collar Crime Why is this considered white...
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...executives, provides a broad survey of federal and state laws and judicial systems governing and/or affecting information security. Topics include the effects on information security of cyber-business regulation, doing business on the Internet, privacy laws, taxation, protection of intellectual property, electronic privacy, wiretapping, and cyber-squatting. In addition, students examine ethical issues, forensics, and evidence of cyber-crime. (No Prerequisite) | | | Terminal Course Objectives | DeVry University course content is constructed from curriculum guides developed for each course that are in alignment with specific Terminal Course Objectives (TCOs). The TCOs define the learning objectives that the student will be required to comprehend and demonstrate by course completion. The TCOs that will be covered in detail each week can be found in the Objectives section for that particular week. Whenever possible, a reference will be made from a particular assignment or discussion back to the TCO that it emphasizes. A | Given the importance of Law, Investigation, and Ethics in Computer Security, develop an understanding of the operation of the American legal system, including how the interpretation of statutes, judicial precedents, and legal reasoning affect information security. | B | Given the global nature of the Internet, evaluate how doing business on the Internet may subject you and your company to the laws, regulatory agencies, and judicial systems of multiple states...
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...BANKRUPTCY This article is intended to provide some general bankruptcy information and is certainly not intended to replace the tailored information a debtor will receive from an attorney. Bankruptcy is governed by Federal Law (Title 11 of the US Code separated into individual Chapters, each dealing with a different type of bankruptcy) but the bankruptcy laws of each state also play an important part; consequently, though there are bankruptcy kits, you will probably need a lawyer to successfully file and a lawyer search should focus on a bankruptcy attorney or bankruptcy law firm licensed in the debtor’s state of residence. The attorney licensed in your state can tell you how to file for bankruptcy in a federal court within your state. American bankruptcy is actually a form of relief granted by a court, so it is not so much a matter of a debtor “declaring bankruptcy”; rather, someone files a petition requesting that the court discharge or reduce or restructure debts in bankruptcy. In American bankruptcy, a federal court manages a debtor’s property to protect the debtor from his/her creditors and to benefit the creditors as much as possible under the circumstances. While bankruptcy is designed for long-term relief, one of the most important features of filing for bankruptcy is the “automatic stay.” When a petition is filed for bankruptcy, either by the debtor (“voluntary bankruptcy”) or by one of his/her creditors (“involuntary bankruptcy”), most collection efforts such...
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...THE UNIVERSITY OF ILLINOIS AT CHICAGO College of Business Administration DEPARTMENT OF ACCOUNTING Accounting 355: Business Law I Spring 2013 Academic Year 3 credit hours Prerequisite: Advanced standing; Accounting 210 and 211. Class meets from: Mon/Wed/Fri: 9:00am-9:50am, 10:00am-10:50am: and 11:00am-11:50 am. Instructor: Helen M. Roe Office: 2315 University Hall, Telephone 312.413.2854, email: helenroe@uic.edu Office Hours: 2:00 pm to 3:00 pm, Tues/Thurs and by appointment Course Description and Objectives: Topical coverage: commercial transactions, including contracts, sales of goods, negotiable instruments and secured transactions. At the end of this course, students will be able to recognize legal issues involving contract law and the Uniform Commercial Code. Textbook Required: BUSINESS LAW by Smith & Roberson, Customized Edition, available at the UIC Bookstore. Lectures are an integral part of the course. Students are held responsible for the contents of the lectures as well as assigned readings in the textbook. Class assignments indicate the topic and chapter to be read prior to each class session. Course Requirements and Grading: Course grade will be based solely on the student's performance on tests. The tests are non-cumulative. The taking of examinations is a course requirement. Missing an examination without the prior approval of the instructor will result in either a failing grade or an incomplete grade for that examination...
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