Bankruptcy law is exclusively federal law and, in 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act was passed by Congress that made it more difficult for debtors to file for bankruptcy and to have their unpaid debt discharged.

In this essay assignment, you will explore the various chapter filings and gain a better understanding of the process to file for bankruptcy. In addition, you will review the liability issues associated with general and limited partnership and the differences between a general partnership and a limited partnership.

To complete the assignment, do the following:

1. Explain the four main chapter fillings of bankruptcy.

2. Review the court case concerning tort liability of general partners, after reviewing the case, answer the below question:

What is joint and several liabilities? How does it differ from joint liability?