Legal Environment of Business

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Legal Environment of Business
Unit 2 Discussion Board
American Intercontinental University Online
November 14, 2012 Legal Environment of Business
There are three types of bankruptcy – Chapter 7, Chapter 11 and Chapter 13. This discussion board post will discuss who can file Chapter 7 bankruptcy. Also discussed will be reasons why people file bankruptcy and how interest rates on loans and credit cards are affected by bankruptcy. The Chapter 7 bankruptcy is also referred to as liquidation, Chapter 11 bankruptcy is the reorganization of debt and Chapter 13 bankruptcy is the adjustment of debts of an individual with regular income (Types of Bankruptcy, 2011). An individual may file bankruptcy if they reside in the United States, within the last 6 years must not have been approved for a Chapter 7 release, and must not have been dismissed for bankruptcy filing within the last 180 days (Chapter 7, 2012). Within 6 months of filing for Chapter 7 bankruptcy, a person must also complete debt counseling classes and must pass a means test. A means test is a financial test given to see if a person qualifies for bankruptcy (Chapter 7, 2012). Although there are many reasons why a person would file for bankruptcy, only a few reasons will be mentioned in this discussion. The number one reason for filing for bankruptcy is medical expenses. Forty-two percent of those who filed for bankruptcy in 2010 were due to medical expenses. Twenty-two percent of bankruptcies were due to job loss, 15% for uncontrolled spending, 8% resulting from divorce and 7% due to unexpected disasters (Leading Causes of Bankruptcy, 2010). Bankruptcy makes qualifying for an auto or home loan or credit cards more difficult. Anyone who has filed for bankruptcy should expect to pay higher interest rates following the bankruptcy than they paid before (John, 2012). Though it will take time to regain…...

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