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    Bankruptcy Law

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    Required to prepare a report discussing the following options for a client who is in serious business trouble. Our firm's client just recently revealed that his company was $2.9 million in debt and that his company is not incorporated. The client has reluctantly asked if our firm could advise him on the process of bankruptcy.

    1-define bankruptcy
    2-explain if the client can file Chapter 7 bankruptcy - why/why not
    3-explain if the client can file Chapter 11 bankruptcy - why/why not
    4-explain if the client can file Chapter 13 bankruptcy - why/why not
    5-discuss the benefits and drawbacks of the client filing bankruptcy
    6-discuss how the type of bankruptcy would differ if the client's company was owned by a partnership
    7-offer advice on whether or not the client should file bankruptcy and if so, which type of bankruptcy should the client file

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    Solution Preview

    Required to prepare a report discussing the following options for a client who is in serious business trouble. Our firm's client just recently revealed that his company was $2.9 million in debt and that his company is not incorporated. The client has reluctantly asked if our firm could advise him on the process of bankruptcy.

    1-define bankruptcy
    Bankruptcy is the declared inability of a person or a company to pay its creditors. This is the declared condition of insolvency. These are the proceedings of law in which the affairs of an insolvent entity/individual are turned over to a receiver for administration under the law.
    2-explain if the client can file Chapter 7 bankruptcy - why/why not
    The client can file Chapter 7 bankruptcy because Chapter & Bankruptcy can be filed either by individuals ...

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