DISCUSS EACH QUESTION BASED ON THE ISSUE OF LAW PRESENTED. IF THERE IS A SPECIFIC THEORY OR ARGUMENT YOU ARE USING, THEN QUALIFY YOUR ANSWER BY SPECIFICS AND/OR THE LAW OR RULE/CASE LAW ETC...THAT YOU ARE CITING. YOUR CONCLUSION IS AN IMPORTANT PART OF YOUR ANSWER...DISCUSS YOUR REASONING.

1. Essex, a manufacturing company is in serious financial difficulty and is unable to meet current unsecured obligations of $1,340,000.00 to some 20 creditors, who are demanding immediate payment. In that creditor list, Essex owes Steven Machine Corporation $15000.00 on a secured financing agreement for a CAD machine that was purchased last year.

DISCUSS THE FOLLOWING:

WHAT ARE THE ISSUES OF LAW...WHAT LEGAL OPTIONS ARE AVAILABLE TO THE CREDITORS AND ESSEX?

DISCUSS How a Bankruptucy estate is administered? What chapters would be best here and why? Why not he other chapters?

When are debtor's rights and duties in bankruptcy?

When are debts discharged in bankruptcy? What rights might Steven Machine have? Discuss option, and how, and if they can be purrsued.