David has debts of $18,000 and few assets Because his debts are less than $25,000, he decides to file for bankruptcy using the state court system rather than the federal system Briefly describe the procedure he should follow to file for bankruptcy at the state level Assume that David in Exercise 1 is irregularly employed and has developed a plan for paying off his creditors What type of bankruptcy should he use, Chapter 7, 11, or 13 Why Assume that David owns the following unsecured property a $3,000 oboe, a $1,000 piano, a $2,000 car, and a life insurance policy with a cash surrender value of $8,000 How much of this property is available for distribution to his creditors in a bankruptcy Explain If David owes his ex wife alimony (maintenance) payments and is obligated to pay $12,000 for an educational loan, what effect will his discharge have on these obligations Assume that David owns a corporation that he wants to liquidate under Chapter 7 After the corporate assets are distributed to creditors, there is still money owing to many of them What obstacle does David face in obtaining a discharge for the corporation The famous retired professional football playerwith a pension from the NFLOrenthal James O J Simpson was convicted of wrongful death in a celebrated Santa Monica, California, trial in 1997 and ordered to pay $33 5 million in damages to the families of the deceased Mr Simpson sold his California house, moved to Florida, and, from occasional appearances in the press, seemed to be living a high style life with a big house, nice cars, and sharp clothing He has never declared bankruptcy Why hasnt he been forced into an involuntary Chapter 7 bankruptcy by his creditors A debtor has an automobile worth $5,000 The federal exemption applicable to her is $3,225 The trustee sells the car and gives the debtor the amount of the exemption The debtor, exhausted by the bankruptcy proceedings, takes the $3,225 and spends it on a six week vacation in Baja California Is this an abuse of the bankruptcy system A debtor has $500 in cash beyond what is exempt in bankruptcy She takes the cash and buys new tires for her car, which is worth about $2,000 Is this an abuse of the bankruptcy system

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David has debts of $18,000 and few assets. Because his debts are less than $25,000, he decides to file for bankruptcy using the state court

David has debts of $18,000 and few assets. Because his debts are less than $25,000, he decides to file for bankruptcy using the state court system rather than the federal system. Briefly describe the procedure he should follow to file for bankruptcy at the state level.
Assume that David in Exercise 1 is irregularly employed and has developed a plan for paying off his creditors. What type of bankruptcy should he use, Chapter 7, 11, or 13? Why?
Assume that David owns the following unsecured property: a $3,000 oboe, a $1,000 piano, a $2,000 car, and a life insurance policy with a cash surrender value of $8,000. How much of this property is available for distribution to his creditors in a bankruptcy? Explain.
If David owes his ex-wife alimony (maintenance) payments and is obligated to pay $12,000 for an educational loan, what effect will his discharge have on these obligations?
Assume that David owns a corporation that he wants to liquidate under Chapter 7. After the corporate assets are distributed to creditors, there is still money owing to many of them. What obstacle does David face in obtaining a discharge for the corporation?
The famous retired professional football playerwith a pension from the NFLOrenthal James O.J. Simpson was convicted of wrongful death in a celebrated Santa Monica, California, trial in 1997 and ordered to pay $33.5 million in damages to the families of the deceased. Mr. Simpson sold his California house, moved to Florida, and, from occasional appearances in the press, seemed to be living a high-style life with a big house, nice cars, and sharp clothing. He has never declared bankruptcy. Why hasnt he been forced into an involuntary Chapter 7 bankruptcy by his creditors?
1. A debtor has an automobile worth $5,000. The federal exemption applicable to her is $3,225. The trustee sells the car and gives the debtor the amount of the exemption. The debtor, exhausted by the bankruptcy proceedings, takes the $3,225 and spends it on a six-week vacation in Baja California. Is this an abuse of the bankruptcy system?
2. A debtor has $500 in cash beyond what is exempt in bankruptcy. She takes the cash and buys new tires for her car, which is worth about $2,000. Is this an abuse of the bankruptcy system?