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Dana Kearse Key Terms Bankruptcy dodging try do of financial adversity account agreement an agreement mingled with debtor and creditors for the re requital of debt Debt collection- collects assets and distributes proceeds to the multiple creditors. Debtor reprieve legal relief from debt Discharge- forgiving the debt. Exemption is property that a debtor may protect from seizure by creditors. date for the benefit of creditors- takes place when a debtor, assigns its assets to a third ships company in trust to sell the assets and to apply the proceeds to the payment of the creditors claims. Bankruptcy alternatives a creditor seeking other alternatives to collect a debt from the debtor Bankruptcy code- is a large self contained legal, economic, and accounting system designed to reconcile all financial affairs of a debtor as they exist at the time of filing.

Composition agreement- a written document defining all of the wrong of repayment and signed by all the involved parties Creditors- be the entities to whom the debts ar owed Debtor- is the entity that is bankrupt and owes the debt Liquidation-all debtors nonexempt assets are sold Reorganization- goal to satisfy debts while reserving the business Trustee- is an independent third troupe who liquidates the estates assets and distributes the dividends to the creditors. Discussion Questions 1. Why do individuals or businesses seek loser relief? a. To seek help when individuals brace financial crisis in life, such as, unemployment, illness, and unforeseen disaster. Obsolete procedurals, failure to compete in industry, mismanagement occurs, or due to abject economy. 2. What distinguishes debtor relief from debt collection in a failure system? b. Bankruptcy system is a way to resolve financial issues to help get to a debt relief solution. 3. How does the creation of debtor relief in modern American bankruptcy law compare with debtor relief found in... If you motivation to get a full essay, order it on our website: Orderessay

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