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APA
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Business & Marketing
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Essay
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English (U.S.)
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Topic:
THE ELEMENTS OF BANKRUPTCY
Essay Instructions:
What are the elements of Bankruptcy under Chapter 7, Chapter 11, and Chapter 13? Identify the key differences. Provide an example for each that is not presented in the textbook. Your response should be at least 200 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Any references or citations must be in APA style.
Essay Sample Content Preview:
THE ELEMENTS OF BANKRUPTCY
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Businesses as well as individuals may experience bankruptcy from time to time. Bankruptcy refers to that state of being in lack in value and or in quality. In the Uniform Commercial Code, it is the process through which consumers as well as businesses may eliminate their debts in part or the entire debt under the federal court protection. In chapters 7, 11 and 13, there are various elements pertaining bankruptcy (Cheeseman, 2013).
Bankruptcy in chapter Seven (7) falls in the category of liquidation. It is termed so because the trustee of the bankruptcy may liquidate (take and sell) your property in order to repay your debt. However, the property that is under protection may be kept by you and it is known as exempt. Despite the fact that there are so many elements in bankruptcy, chapter 13 bears most for the consumers (Cheeseman, 2013). This is where consumers keep a...
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