This website uses cookies to ensure you have the best experience. Learn more

Bankruptcy And Insurance Essay

1252 words - 6 pages

Scenario 1: Bankruptcy

There are some advantages and disadvantages to filing for bankruptcy chapter 7. According to chapter 7 debt liquidation bankruptcy is good option for many people who are dire financial straits. When the debtor files for Bankruptcy there is an automatic stay and most creditors must have stop their collection efforts. Thus, the debtor can begin to rebuild his or her credit. Financially speaking the debtor will start over. It’s true that filing Bankruptcy running your credit from certain amount of years and may cause embarrassment for many people. Also there is 90 day presumptive period. Any debt incurred in that 90 days prior to filing Bankruptcy is presumptively fraudulent, any debt incurred with intention of filing Bankruptcy or without intention of repayment is presumed fraudulent.

Celia can file a voluntary bankruptcy is began when that debtor files petition with bankruptcy court. There will be a joint may be file if you are married and both are calming bankruptcy. When a voluntary case is done, the debtor must file a schedule of current income and current expenditures unless the court says not too file this. In 2005 reforms, the court can dismiss individual debtor’s petition for abuse if the debtor does not satisfy the mean test, the mean test measures the debtor’s ability to pay by computing the debtor’s disposable income. Only the debtor who fall below their state’s median disposable income will be able to continue in chapter seven proceeding. The individual’s debtors who meet the mean test are required to go into chapter 13 bankruptcy because they have not qualified in chapter seven bankruptcy. The formula for applying the test is under the standard the Reform Act that requires the court to find the debtor does not have the mean repay the creditors and its goes beyond the past requirement of that petition being granted in the simple assertion of the debtor stating “I have debt” Twomey, D. (2013).Based with everything stated above Celia can file voluntary bankruptcy.

Will Celia Student loans clear after she files bankruptcy to answer this question to the best of my ability the answer I have come up with is it will remain some cases and most cases it won’t remain after filing bankruptcy. The only way I can for see that Celia getting them student loans dismissed is she having specific hardship problems, where a filer is disable or extremely unlikely to ever be able to pay that debt back to lender. Even though you can’t discharge the debt you place student loans in chapter 13 repayment plan, which means making payments more manageable or stopping any collection action while you are repaying that debt under a court order plan. (Woodman, C. (2011)

If you file for Chapter 7 or Chapter 13 bankruptcy and have delinquent student loan debt, your student loan servicer or any debt collection agency trying to collect your loans is barred from engaging in collection efforts during your bankruptcy case. However, if you...

Find Another Essay On Bankruptcy and Insurance

cases enron aftermath Essay

2306 words - 9 pages The Enron Bankruptcy Chapter 11 Reorganization Todd Haberly May 8, 2002 BUSA 405 Prof. Macdonald 2 On December 2, 2001, Enron Corp. filed the largest bankruptcy in U.S. history. The Enron bankruptcy is also quickly becoming the most infamous and highly publicized bankruptcy case in history. Mismanagement, poor business and accounting procedures, and plain greed all factored into the complicated collapse of Enron. The house of cards, so-to

Increasing Competition in the British Insurance Sector of the Market

1566 words - 6 pages international community, its infrastructure and its prospects for further growth are likely to influence the potential investors. Britain is a high-industrialized country; because of its rapid financial and industrial development the country has become one of the major commercial centers. Current paper focuses on a specific part of the British market: the Insurance sector; the various aspects of the specific industry are examined and evaluated; emphasis

Mandatory Health Insurance

1329 words - 5 pages insurance are subjected to high medical costs, and this can lead them into a high debt or even bankruptcy for not paying the required amount for medical care. With mandatory health insurance, families will easily find medical attention with less stress. Likewise, they will have a peace of mind during a tough time when a family member is ill because, they are already covered, and the medical costs are already taken care of. One of the strongest

Healthcare Reforms: A Healthier America

1265 words - 6 pages According to the National Patient Advocate Foundation (2012), “Medical expenses are contributing factors in over 62% of individual (as opposed to business) bankruptcy filings, and the number of bankruptcy filings attributing medical debt as a significant factor is increasing” (p. 1). Medical care is expensive, and it is also on the rise. Many people, whether being insured or not, are unable to pay for their medical bills so that they can obtain

The Lehman Brothers Bankruptcy

2029 words - 8 pages Many companies around the world are affected by bankruptcy at a certain time in their financial year. When a company is declared bankrupt, it can no longer invest in the stock exchange. The government declares the company insolvent. An example of such company is the Lehman Brothers, a housing and real estate company that went into bankruptcy in 2008. Below is a visual aid of the event that impacted the company to bankruptcy. This later had an

Massachusetts Health Reform

1774 words - 8 pages ), pages 36-69, 01. Geisel, J. (2010, December 14). Massachusetts' insured rate hits 98.1%: Analysis. Business Insurance. Himmelstein, David, U. "Medical Bankruptcy in Massachusetts: Has Health Reform Made a Difference?" The American Journal of Medicine, 2011, Vol. 124, 224-228. DOI: 10.1016/j.amjmed.2010.11.009 - Graves, J. A., & Swartz, K. (2012). Health Care Reform and the Dynamics of Insurance Coverage — Lessons from Massachusetts. New England

Healthcare and the Competitive Market Structure

1003 words - 4 pages right. The International Covenant on Economics Social and Cultural Rights recognizes “the right of everyone to the enjoyment of the highest attainable standard of physical and mental health” (United Nations, 1976, article 12). Health is unique in that if it is lost can a person has no insurance they can end up declaring bankruptcy, dying or losing their ability to earn a living. For this reason alone health care should be a right of every US

Negative Causes and Effects of Health Care Reform

1240 words - 5 pages Negative Causes and Effects of Health Care Reform (Obama Care) With the Health Care reform (Obama Care) passed as of March 21, 2010 the health care system is now on the wrong track and will begin to expand government spending in all aspects of American's health care. Therefore it will hurt the quality of care for patients, lead to medical bankruptcy, tax inflation, and physician shortage. Studies at George Mason University developed a

Universal Health Care in America

1465 words - 6 pages . Work Cited Himmelstein, D. et al. “Illness and Injury as Contributors to Bankruptcy.” Health Affairs (Millwood), February 2, 2005. Institute of Medicine. “Health Insurance is a Family Matter”, 2002. Associated Press. “GM to slash jobs, close more plants.” Available at, accessed December 2005. Institute of Medicine. “A Shared Destiny: Community Effects of Uninsurance”, 2002.

Health Care Reform In America

903 words - 4 pages number one reason for families in America to fall into bankruptcy was noted as being medical bills and cost, quite frankly any person facing a potential life threatening illness is going to seek medical help and is not going to worry about the cost if it means life or death. An when you are living with either no insurance of your condition causes you to be bumped from your insurance provider because you’ve become to expensive for them seems almost

Lloyd's of London Insurance

2361 words - 10 pages , 2014) • Members provide capital to underwrite insurance policies at Lloyd’s. Names are rich individuals who provide capital with unlimited liability whose number has diminished due to bankruptcy over the years. Corporations are members with limited liability - insurance businesses such as Munich Re, Berkshire Hathaway, Ace and XL. • Over 90 syndicates are members or group of members that provide capital for different types of policies - some

Similar Essays

Bankruptcy And Insurance Case Studies Essay

1045 words - 5 pages unsecured credit card bill approximately 48 days before the declaration of bankruptcy. Scenario 3 In this case, Meridian Life Insurance Company, the insurer and under writer of life insurance for Beth Simpson, the policyholder died within two-year contestability period and Meridian refused to pay Phillip Simpson the beneficiary of the policy. Interpreting insurance policy contracts is done in the same manner as ordinary contracts where the

Doctrinal Issues In Consumer Bankruptcy Essay

2383 words - 10 pages in modern American bankruptcy law, therefore, turns on the second-order question of the appropriate limits and conditions to place on the debtor's fresh start-to preserve the fresh start while also protecting the system from unnecessary fraud and abuse.The option to declare bankruptcy is a form of credit insurance that is an immutable term in every consumer credit contract. Moreover, the unwaivable nature of an individual's right to file for

Bankruptcy As It Relates To Business Law

2034 words - 8 pages purchases made within 60 days of filing; and debts not listed on bankruptcy papers, and Bankruptcy is a notice of public record that may be seen by potential employers, insurance companies, mortgage businesses, and other lenders. It also is a social stigma that can cause feelings of guilt and embarrassmentOver the past 7-10 years credit card companies and financial institutions have successfully lobbied Congress to make changes to current bankruptcy

Enron Essay

3061 words - 13 pages The Enron Bankruptcy Chapter 11 Reorganization Todd Haberly May 8, 2002 BUSA 405 Prof. Macdonald 2 On December 2, 2001, Enron Corp. filed the largest bankruptcy in U.S. history. The Enron bankruptcy is also quickly becoming the most infamous and highly publicized bankruptcy case in history. Mismanagement, poor business and accounting procedures, and plain greed all factored into the complicated collapse of Enron. The house of cards, so-to