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Bankruptcy Law - Chapter 13

The law firm is very concerned that the client would not be able to pay anyjudgment levied against it by the courts in a civil tort case. Due to recent robberies and legal troubles with the client, your company is worried that the client may have to file bankruptcy. The client has just over $400,000 in debt and is not incorporated.
You have been tasked with putting together a report on the following issues:

Can the client file Chapter 7 bankruptcy? Explain
Can the client file Chapter 11 bankruptcy? Explain
Can the client file Chapter 13 bankruptcy? Explain
What are the benefits and the negatives of the client filling bankruptcy?
If the client is a partnership, how does this affect what type of bankruptcy it may file?

**Please provide the discussion of Chapter 13 bankruptcy and Explain can the client file chapter 13.

Solution Preview

RESPONSE:

1. This is a group project, and my portion is to discuss Chapter 13 bankruptcy and explain if the client can file chapter 13.

Case: The law firm is very concerned that the client would not be able to pay any judgment levied against it by the courts in a civil tort case. Due to recent robberies and legal troubles with the client, your company is worried that the client may have to file bankruptcy. The client has just over $400,000 in debt and is not incorporated.

This client can file Chapter 13 bankruptcy. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years. In other words, when an individual files for bankruptcy under Chapter 13 of the Bankruptcy Code, the individual wants to have the ...

Solution Summary

Based on the scenario, this solution discusses Chapter 13 bankruptcy and explains if the client can file for Chapter 13 bankruptcy. It is also supplemented with extra information on Chapter 13.

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